I am demo trading and documenting my progress. This is not intended to be a sell signal !
Ascending Trendline Structure on 4H
Currently Trading Between Support & Resistance Zones
Sell Limit - 1.00950
TP - 0.9995
SL - 1.0127
two very strong resistance zones on the daily chart, as you can see the market has been rejected over 10 times at these levels since 2013. This is a very high probability trade, with an amazing Reward/Risk of 4:1
A rejection of the up trending trend line with a printed bullish engulfing confirmed for me that momentum would continue up to the 0.96800 area. Hitting target perfectly before now a possible new higher low being created.
The price is sitting within a very important area containing the monthly support / resistance and also a powerful demand / supply zone. At the moment it is pushing to break the monthly pivot along with the 78.60% fib level, I will not be entering until there is a clear break of this blue zone and a show of power to the upside. Possibly then heading back to the...
We've got this pair currently rejecting 23.60 Fib level but I believe it will push through this. USDJPY is moving in the same direction and these pairs like to move together, I will be shorting this down to 0.98364 support area. Could see a retrace back to the same fib level but have some US news coming up later where the outlook looks negative, so may not want to...
0.985 - important strong support level
Bearish scenario: daily close below 0.985 will open the way to 0.97 (200 EMA on Weekly time frame, long term uptrend line).
Bullish: reversal around 0.985-0.99 and close above 0.995 - profit targets at 1.004, 1.0155 and 1.0345
Situation similar and correlated to DXY.