As we can see this pairing broke a strong support level of 0.87864 on the weekly chart and then sank.
We can see some possible support coming up at 0.86324, so a chance for a possible long, we will be keeping an eye on it and trade will be sent out to our clients when trade becomes valid.
Based off previous structure (support & resistance), a descending channel, Fibonacci confluences, fundamental analysis and psychological analysis (interpreting what other market participants will do).
This pair has been on an uptrend since mid april-may from the 0.893000 region which is a strong weekly support.
It has respected an ascending trendline that I drew twice. I'm expecting it to return to this trend line once again. Wether it will break or bounce from this time will tell.
However, for now I can see some potential shorting opportunites.
Here is a...
short term buy setup here, waiting for small pullback to long. only taking a small position due to the added risk of a small timeframe but this has the potential to go far as the longer term trend is up as well.
I have been waiting for either a downside or upside break on this pair and it has arried. Price did stop at trend however has a very small retracement before a very bullish candlestick broke through my trendline. I am now looking to go long only 50 pips to the beginning of my trendline treating price action as a 'falling wedge'. We may see a small retracement back...
Price has seemed to breakthrough the trend and is heading up. Pin-point entry might be very soon as MA's have just crossed on the 60min chart (14ma, 50ema). I believe price will touch and bounce straight of the outer trendline for a clean SHORT in future.
We are approaching the top of an upward channel, this key area of resistance is a good area for a sell opportunity. This is supported by divergence, that suggests that the next peak will be lower than the last - which would fall at the top of the trend line. Before placing a trade wait until the candle closes, if the candle closes outside of the trend line the set...
1) A failed head and shoulders pattern @ key daily resistance @ 0.86002
2) Price has broken the 0.86002 zone + counter trend line
3) Expecting a pull back from the H4 Resistance zone @ 0.86919 zone. ( opportunity for short term shorts)
and retest of the counter trend line + now support zone @ 0.86002
for longs towards 0.87315.
4) Upside target @ 0.87315 @ daily...