Last time we were looking at this pair a bearish channel was formed, and we were expecting the price to make a breakout and a reversal and start moving in the bullish direction. That was exactly what happened. Now the price is moving in the bullish direction and has just encountered its first obstacle in the form of previous support/resistance line. Waiting for the price to confirm its bullish movement with a brek above this line. If this happens then we are expecting another bigger bullish move to happen.
On the 4H chart the price has just made a small move in form of consolidation after a bullish move. This consolidation has formed just at the support/ressistance line we were talking about before. We are expecting a break above this line, then a bigger bullish move. If trading this, we do recommend to set stop loss just below this line in case, the price stutters there for a while before taking off.
Feel free to grab a copy of our Free Weekly Market Outlook here:
[url=mailchi.mp/bc78576d6f40/freeweeklymarketoutlook ]mailchi.mp/bc78576d6f40/freeweeklymarketoutlook
We wish you good luck with your trading!
On the 4H chart the price has just made a small move in form of consolidation after a bullish move. This consolidation has formed just at the support/ressistance line we were talking about before. We are expecting a break above this line, then a bigger bullish move. If trading this, we do recommend to set stop loss just below this line in case, the price stutters there for a while before taking off.
Feel free to grab a copy of our Free Weekly Market Outlook here:
[url=mailchi.mp/bc78576d6f40/freeweeklymarketoutlook ]mailchi.mp/bc78576d6f40/freeweeklymarketoutlook
We wish you good luck with your trading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.