This is an interesting pair. After making a clear trend higher on the daily chart, price has not yet been able to breakout of the recent consolidation and form new higher highs to continue the trend.
As the attached 4 hour chart shows; there are clear range support and resistance levels in play.
Aggressive traders could look to make range trades from both of...
Going into the start of the new week I propose to short this pair. Through this short analysis and other indicators that have been considered, i find that the pair can be shorted , for a gain to 1.54 zone which is found at a previous support level for this pair. Descending channel also highlights the bias that i have for this pair.
Thanks for viewing !
A daily break and close above, then retest of structure would present a good opportunity to capitalise on the possibility of creating a higher high on the weekly time frame; targetting the 127.2% fib extension of the weekly retracement!
Good afternoon all, I am currently long on this currency pair as I see going up towards the previous resistance level set on the 1st of May.
Reasons to consider buying:
1. Price is currently above the 50 MA
2. Price broke through the Resistance level and came back to re test possibly turning it into a new support.
3. Did price form a bullish flag?
If the Midterm level 1.5240 is broken, we will close open trades.
Price may also reach 1.5240, if price reaches this level, there is a second chance to get more profit and reinvest by Daily-Trading-Opportunities signals. This suggestion is not according to our STRATEGY , and depends on personal strategies.