Monthly
Last month we closed with a strong bullish candle which rebounded back above both EMAs and closed firmly beyond 1.7500. This month, depending on if our bias plays out, we should see further bullish activity. EMAs are also very close to crossing over for the first time since 2016.
Weekly
Last week's candle formed a rejection against 1.8000. This week, we saw price test our 8 EMA which is also a great reaction point for supporting price in an upward market. We have seen a rejection of this area with a strong bullish candle which I anticipate to close above 1.7750 on Friday. EMAs are upward facing.
Daily
Higher highs and higher lows are evident on this TF which are confluent with our upward bias. Price has rebounded back above both EMAs and today we may see a strong bullish close above the weekly zone of 1.7750. We started the week with an inverted hammer signaling a reversal to the upside. EMAs are upward facing.
H4
Price on our execution TF has consolidated within our preferred fib region - we've broken our CTL and our EMAs have crossed to the upside. We have also just seen the formation of a bullish marubozu - a candlestick which represents solid buying momentum.
Last month we closed with a strong bullish candle which rebounded back above both EMAs and closed firmly beyond 1.7500. This month, depending on if our bias plays out, we should see further bullish activity. EMAs are also very close to crossing over for the first time since 2016.
Weekly
Last week's candle formed a rejection against 1.8000. This week, we saw price test our 8 EMA which is also a great reaction point for supporting price in an upward market. We have seen a rejection of this area with a strong bullish candle which I anticipate to close above 1.7750 on Friday. EMAs are upward facing.
Daily
Higher highs and higher lows are evident on this TF which are confluent with our upward bias. Price has rebounded back above both EMAs and today we may see a strong bullish close above the weekly zone of 1.7750. We started the week with an inverted hammer signaling a reversal to the upside. EMAs are upward facing.
H4
Price on our execution TF has consolidated within our preferred fib region - we've broken our CTL and our EMAs have crossed to the upside. We have also just seen the formation of a bullish marubozu - a candlestick which represents solid buying momentum.
Trade closed: stop reached