As we can see on the 4H time frame we are currently consolidating between 1.11075 and 1.10650 so I will be waiting for a clean break and retest of one of these prices for a precision perfect entry.
Above 1.11075 we will look for TP levels at 1.11450 (38 pips) with a possibility of breaking our supply zone to 1.11650 (58 pips).
Below 1.10650 we will look for TP...
Following a close below a decent level of support from the daily downwards we can expect some continuation lower. RSI strength in the move aswell and put in this wedge type pattern which we can expect to break to the downside and can ride any pullbacks we get unless you play the break.
Possible breakout bullish trade, If we can break above this channel,
we could wait for a conservative entry, maybe a double bottom if we get a retest of structure on a lower time frame (15) and then look to get long.
This is a trade im looking at testing and wont be entering myself.
Lets see how it plays out
With a breakout on a previous uptrend and an upcoming resistance from a previous head and shoulder this is called the neck line which i have labelled on the chart. The breakout has retested the only support line and i will personally be taking a short on this pair.
Breakout of the range this pair was trapped in since October and price retraced to the 61.8 to retest 1.15 psychological level and should bounce back to the upside.This zone holding as support and price action currently consolidating on the lower timeframe, implying a potential bullish impulsive move. Clean charts giving importance to pure price action and market...