Today is a holiday in the United States – July 4th Independence Day and considering this the market is thin and calm.
We will analyze EUR/PLN
1DTF shows us a lot of consolidation, basically since about July of last year. We can observe a local dip down for the pair that started on May 22nd and this downtrend price reached May 2018 lows on July 1st.
Switching to the 4H TF shows me the following:
On July 1st I see a bullish engulfing, at which time Williams %R left the oversold zone. The following day, Jul 2nd, MACD lines intersected, a local correction to the upside followed on the 3rd and this morning we see an inverted hammer and bullish engulfing followed by the bulls breaking the 9EMA and local trend line to the upside.
As a result: At this time Long positions look favorable, ideally after the break of 23.6 Fibo level – which is where the price is currently travelling, with target areas of 4.24830 (38.2Fibo) followed by 4.25170 (50% Fibo).
We will analyze EUR/PLN
1DTF shows us a lot of consolidation, basically since about July of last year. We can observe a local dip down for the pair that started on May 22nd and this downtrend price reached May 2018 lows on July 1st.
Switching to the 4H TF shows me the following:
On July 1st I see a bullish engulfing, at which time Williams %R left the oversold zone. The following day, Jul 2nd, MACD lines intersected, a local correction to the upside followed on the 3rd and this morning we see an inverted hammer and bullish engulfing followed by the bulls breaking the 9EMA and local trend line to the upside.
As a result: At this time Long positions look favorable, ideally after the break of 23.6 Fibo level – which is where the price is currently travelling, with target areas of 4.24830 (38.2Fibo) followed by 4.25170 (50% Fibo).