For some days I have been observing the market price movement of this currency pair, after 14th and 15th April daily close below the temporarily daily uptrend line, I am currently seeing a price movement moving up to test the already broken trend line. If this trend line is tested and it holds, just know that the price would fall down to monthly trend line that I have already identified on the chart. Add this pair to your watch list and observe the price action on the already identified trend lines.
A look at the fibs suggest that the daily impulse move just retraced to 0.618 retracement. If the fibs hold then no need looking for the price to fall to the monthly trend line.
For the short term view I expect the price to fall to the monthly trend line, that is after it has successfully tested the daily already broken trend line, then I expect the price to move up in a long term. Always apply Risk management and position sizing when trading currency pairs. Happy trading ahead.
A look at the fibs suggest that the daily impulse move just retraced to 0.618 retracement. If the fibs hold then no need looking for the price to fall to the monthly trend line.
For the short term view I expect the price to fall to the monthly trend line, that is after it has successfully tested the daily already broken trend line, then I expect the price to move up in a long term. Always apply Risk management and position sizing when trading currency pairs. Happy trading ahead.