On the 4h chart, i have highlighted 2 scenarios that could play this coming week and into the following week.
The pair has moved from the previous high (PH @0.99568) and looking to test the resistance level (R1@1.00064)
I’m bullish on this pair, however i do expect significant drawback to either PH or PL before the bullish move materialises in the latter part of the week.
Although the EMA,200 provides a bearish bias, the gap between EMA,200 and EMA,50 is significant therefore suggesting that there is room for bullish movement before the EMA,200 is tested again.
In conclusion, im bullish on this set up
1st set up
Entry point: 0.99568 (@PH)
S/L: 0.9938
T/P 1: 1.00064(R1)
T/P 2: 1.00409
2nd set up
Entry point: 0.99237(@PL Level)
S/L: 0.99000
T/P 1: 1.00064(R1)
T/P 2: 1.00409
The pair has moved from the previous high (PH @0.99568) and looking to test the resistance level (R1@1.00064)
I’m bullish on this pair, however i do expect significant drawback to either PH or PL before the bullish move materialises in the latter part of the week.
Although the EMA,200 provides a bearish bias, the gap between EMA,200 and EMA,50 is significant therefore suggesting that there is room for bullish movement before the EMA,200 is tested again.
In conclusion, im bullish on this set up
1st set up
Entry point: 0.99568 (@PH)
S/L: 0.9938
T/P 1: 1.00064(R1)
T/P 2: 1.00409
2nd set up
Entry point: 0.99237(@PL Level)
S/L: 0.99000
T/P 1: 1.00064(R1)
T/P 2: 1.00409