According to my idea the Resistance and support lines in the green are strong . The price has broken out from the previous resistance and also retested the line and now revered and headed bullish on a 4hr chart.
There is an opportunity for a BUY trade 1.31654 with a take profit at 1.32541.
1.29500 is a key strong level that has been respected as both support and resistance before as marked on the chart by my purple arrows, price has hit this level and bounced numerous times making it a very strong level.
Now as this level is 200 pips away i am selling down to this area where i will look at taking BUY trades, So bears should push price down to this...
We can see in the chart price failed to break through support and was pushed to its next support level where it fell through.
I am waiting for price to break through the area before buying to my initial target
We can also look for an additional buy opportunity at the previous support (now resistance) level
We can see the high amount of rejection from 1.3400 key level. The only thing stopping the swing trade to the upside is the resistance level at the fib.
We can short from here back to the downside with the trade if we get rejection price action. However if the pair breaks for the reasons highlighted in the chart we could be in for a nice long...
As you can see from the chart when price falls below this level of support it shoots up and hits the highlighted level of resistance so we will look for buys in the support area.
There is alot of divergence on the 4H so i believe this will be the last push to the upside.
Once the higher level of resistance is broken, we wait for a retest and buy again!