After the impulsive move on the weekly timeframe we are now coming down to retest the previous daily highs and the 0.618 retracement of the move. I would like to see a further push up after the break of the descening trendline as illustrated.
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1. Continuation of uptrend on 4hour timeframe
2. Retest of recent resistance level which has now turned into a support level
3. Bullish pinbar formation at support level
4. Daily timeframe confirms trend continuation as recent resistance is at 84.397 which is yet to be reached
After a tremendous bearish run price action is at a major level with a bullish engulfing candle. I'm expecting a decent pullback before deciding further movements. I have gone long on this and marked tp and sl for you as well.
Remember, this is a short term buy.
Let me know your thoughts. Trade safe and good luck.
As shown, the current price action of this pair is testing a pivot point that has been prevalent throughout May and June. This coincides with the 38.2% Fibonacci extension level, derived from the swing high on the 22nd May. Due to this combination, if the support around the 81.00 holds, expect a short term reversal to around the 81.9 mark. Stop loss below 50% Fib....