My bias for this pair is to buy.
Currently it is creating an inverted head and shoulders, a bullish reversal pattern. Once price breaks through the neckline of the of the pattern I will wait for a retest before buying up to 0.7750, the last place price stopped at and that also lines up with a key area.
But before I get into this trade I need the following confluences:
EMA Cross
Break and retest of the neckline or higher low
A bullish candle pattern
However, price can do whatever it likes so if it does not break through the neck line it can always go down and break the 0.7600 level and go down to 0.7500, a Key area and a previous resting place for price in the past.
Currently it is creating an inverted head and shoulders, a bullish reversal pattern. Once price breaks through the neckline of the of the pattern I will wait for a retest before buying up to 0.7750, the last place price stopped at and that also lines up with a key area.
But before I get into this trade I need the following confluences:
EMA Cross
Break and retest of the neckline or higher low
A bullish candle pattern
However, price can do whatever it likes so if it does not break through the neck line it can always go down and break the 0.7600 level and go down to 0.7500, a Key area and a previous resting place for price in the past.
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