As we can see from the higher timeframe charts, the price has been trading up and down within the borders of a descending channel. A strong bullish candle which was printed last week showed that bulls are ready to push the price up right till the upper boundary of the channel. We are now waiting for a small correction of the printed bullish candle before we go long on this pair and aim for the area identified on the chart. We are gonna be eyeing the previously broken zone of resistance which aligns with the 0.5 Fibonacci retracement level as our potential entry level.
Happy trading week, family!
Happy trading week, family!