As we can clearly see it broke the previous support and formed a lower low...also seeing that the market currently has an upward momentum in higher timeframes.
According to the situation these 3 are the high probability setups for me for this pair.
1) for buy- I will see the pennant broke and retest to the zone instead trading with 2nd touch.
2) for sell- i will see if it rejects the golden zone of fib and breaks the currently supporting trendline.
3) For sell- i will see if it broke the support zone and retests it
According to the situation these 3 are the high probability setups for me for this pair.
1) for buy- I will see the pennant broke and retest to the zone instead trading with 2nd touch.
2) for sell- i will see if it rejects the golden zone of fib and breaks the currently supporting trendline.
3) For sell- i will see if it broke the support zone and retests it
Note
there is also a probability that it may not respect the trendline and can be ranging between the zones. if that happens wait for the breakout and retest of the zone (anyone of it)
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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.