In daily time frame it can be seen the pair had a well noticed uptrend with noticed HH and HL levels and later on started the consolidation/ sideways market structure which is the current structure.
This sideways market structure which can be seen in daily timeframe has two key price levels the 1.99800 as the major resistance/supply zone and the 0.98650 as the major support/demand zone this levels will keep on giving us double opportunity until one of the region is broken.
Based on Daily timeframe, the price has failed to break the 0.98650 level, which gives a clear indication for upward move of the price.
As per the posted 1hr chart the price created another consolidation in the demand region, the entry for this pair couldn’t be indented easily for the consolidation range was so small to trade, the action was to wait until when the region is broken, wait for retest and find a good entry. As it can be seen we had a good upward breakout, which gave us the continuation of buy bias, the buy criterion was to wait for price to retest and it actually did retest.
My suggested buy price should be 0.99000, stop loss of 20 pips below entry price and the take profit of 80 pips
This sideways market structure which can be seen in daily timeframe has two key price levels the 1.99800 as the major resistance/supply zone and the 0.98650 as the major support/demand zone this levels will keep on giving us double opportunity until one of the region is broken.
Based on Daily timeframe, the price has failed to break the 0.98650 level, which gives a clear indication for upward move of the price.
As per the posted 1hr chart the price created another consolidation in the demand region, the entry for this pair couldn’t be indented easily for the consolidation range was so small to trade, the action was to wait until when the region is broken, wait for retest and find a good entry. As it can be seen we had a good upward breakout, which gave us the continuation of buy bias, the buy criterion was to wait for price to retest and it actually did retest.
My suggested buy price should be 0.99000, stop loss of 20 pips below entry price and the take profit of 80 pips