Future BUY trade:
Analysis:
- We saw a rejection at 1.2475 zone with a big bearish engulfing
-The pair is currently in an uptrend channel
-The pair is near/approaching the 50 DAY moving average(There is also a major support at this area;indicated with green rectangle)where w can expect the pair to bounce off
-The major support and 50 Moving Average is also in the 38.2% Fibonacci zone which strengthens the support zone
What we can expect:
-The pair to go down and bounce off the support zone and climb back up to test the resistance(red rectangle), if it breaks above the resistance it will continue to rise up,and maybe retest the zone again
- 1:3.63 risk to reward ratio
-we wait for confirmation to buy(if price doesnt break below major support)
Analysis:
- We saw a rejection at 1.2475 zone with a big bearish engulfing
-The pair is currently in an uptrend channel
-The pair is near/approaching the 50 DAY moving average(There is also a major support at this area;indicated with green rectangle)where w can expect the pair to bounce off
-The major support and 50 Moving Average is also in the 38.2% Fibonacci zone which strengthens the support zone
What we can expect:
-The pair to go down and bounce off the support zone and climb back up to test the resistance(red rectangle), if it breaks above the resistance it will continue to rise up,and maybe retest the zone again
- 1:3.63 risk to reward ratio
-we wait for confirmation to buy(if price doesnt break below major support)
Trade active:
Pending order missed by 10 pips ;( lol, analysis was right though