We are looking for a possible retest and bounce of key support before we jump in this trade, if we do get the bounce then we could see a possible bullish rally of around 200 pips.
But you must wait for the retest and bounce because if price does break this strong level then it could sink.... so just be patient ;p I'm sure ELVIS said ONLY FOOLS RUSH IN ;p
Blue line is old resistance turned new support, where price used this level as resistance we have marked with purple arrows and where this level was used as support, we have marked with orange arrows where this level was used as resistance.
Price is currently at this level and we can only see upside movement on the 4h chart as the candlestick that formed and...
1.81017 is a lovely buy area where we will be placing some orders, We have 2 trend lines that are meeting and price is nearly at the point where they meet, This means price is getting squeezed and we can see a breakout of our trendline to the upside and make a run upto our 1.85285 zone which is a key resistance level so we could see price turn in this zone.
this is one of the simplest setup that i trade. You can see price's created a new structure low, and now it is back to retest previous resistance that once broken could become support. After multiple red candles it's now formed a green candle right at that important level.
We can try a lonog, with stops just below the low, target1 at .618 of the previoous...
few days ago we managed to get more than a hundred pips from shorting this pair (see attachment). Now the situation has changed, since we came back to previous structure and started consolidating right at the trendline retest. Besides, the zone we're on is a daily structure that could push price up, according to the major trend.
The RSI divergence down on...
here you can see a bat formation near to the completion D point. However, my analysis started from higher timeframe, where i've indentified the strong daily support sitting at 1,60 even handle number. The harmonic formation ends up right there and therefore i think it could be a nice opportunity to go long.
Stops below X, targets at the .382 and .618...