WEEKLY: We can see that the MA's are very close to crossing over and a potential hammer forming on this current candle, however we cannot confirm this of course until the close on Friday. Price has tested the key level of support at 1.2500 for the last two weeks without being able to break below this area.
DAILY: We can see that yesterday price went as low as 1.23500 however the bears could not sustain this pressure and the bulls managed to push price all the way back up to and close at around the 1.2500 mark closing as a bullish candle with a large lower shadow. The EMA is also above the MA on the daily suggesting an uptrend.
4HR: We can see that price yesterday hit the upwards trend-line for a 3rd time and shot up, forming a morning star pattern as well. MA's have crossed over to upside. Break of CTL
Stop loss 20 pips below previous high at 1.24455
Targets at 1.26500
DAILY: We can see that yesterday price went as low as 1.23500 however the bears could not sustain this pressure and the bulls managed to push price all the way back up to and close at around the 1.2500 mark closing as a bullish candle with a large lower shadow. The EMA is also above the MA on the daily suggesting an uptrend.
4HR: We can see that price yesterday hit the upwards trend-line for a 3rd time and shot up, forming a morning star pattern as well. MA's have crossed over to upside. Break of CTL
Stop loss 20 pips below previous high at 1.24455
Targets at 1.26500