PRICE ACTION IDEA (Technical Analysis)
Price has hit and accumulated at Weekly Fibonacci Retracement Key level 61.8% (Major Uptrend)
Price is pushed up with hawkish weekly candle behavior(engulfing candle)
Price seems to be pushing up both to the top and end of the descending wedge signalling price is attempting to breakout that trend
I'd like to see price test the minor level of support 1 more time before entering.
If entry is denied and price breaks through minor level of resistance, it'll confirm bullish trend continuation & descending wedge break out.
That's why i've analyzed the 2nd potential entry idea.
Risk/Reward Ratio 3.0+ with proper Risk Management Loss 1st Long Position would be $1.00 w/ Micro lot & 2nd Long position $2.20 w/ Micro Lot
However, stay updated with Red folders & all around Fundamentals as they can go against any Technical ideas and not have to make any sense Trend or Pattern wise.
Price has hit and accumulated at Weekly Fibonacci Retracement Key level 61.8% (Major Uptrend)
Price is pushed up with hawkish weekly candle behavior(engulfing candle)
Price seems to be pushing up both to the top and end of the descending wedge signalling price is attempting to breakout that trend
I'd like to see price test the minor level of support 1 more time before entering.
If entry is denied and price breaks through minor level of resistance, it'll confirm bullish trend continuation & descending wedge break out.
That's why i've analyzed the 2nd potential entry idea.
Risk/Reward Ratio 3.0+ with proper Risk Management Loss 1st Long Position would be $1.00 w/ Micro lot & 2nd Long position $2.20 w/ Micro Lot
However, stay updated with Red folders & all around Fundamentals as they can go against any Technical ideas and not have to make any sense Trend or Pattern wise.