With a new monthly candle about to start there could be a nice momentum move to the upside on this pair to test the diagonal resistance above near 1.16-1.18. A decade long consolidation pattern is about to reach a trigger point for a move in either direction. My bias is for higher prices however volatility is to be expected.
On the daily, a break of 1.1360-1.1425 would be a trigger for a long trade. anything below 1.1160 would indicate further consolidation down to 1.09 for a longer consolidation cycle extending to the end of the year
On the daily, a break of 1.1360-1.1425 would be a trigger for a long trade. anything below 1.1160 would indicate further consolidation down to 1.09 for a longer consolidation cycle extending to the end of the year
Trade active
Long entry triggered on the 14th. Once price cleared 1.1384 it levitated for instant profit. I am still in the trade. We are currently up about 155 pips and another locked in winner.
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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.