As we can see from the price action, the price was rejected at the resistance of 1.35 and retraced back down to 1.3 area. It held this area and did not break down further which to me it suggests that it was a temporary retracement more than bears pushing the price down again.
With this pair, there are 3 options...
Option 1 - Forming a higher low at 1.26 - 1.27 area and bouncing up to 1.35 for a retest and potential break
Option 2 - Forming a higher low at bullish trendline of 1.2 and then bouncing straight up to retest 1.4 area
Option 3 - A new low or new support is being formed now and the price will skyrocket up to 1.4
On all those options we can clearly see that Bulls have finally taken over after the breakdown of descending wedge. However, as with forex, there is always the potential of trend reverse so I will be paying very close attention to this pair over the next 8 - 12 hours.
Happy Trading everyone.
P.S What are your thoughts on this pair?
With this pair, there are 3 options...
Option 1 - Forming a higher low at 1.26 - 1.27 area and bouncing up to 1.35 for a retest and potential break
Option 2 - Forming a higher low at bullish trendline of 1.2 and then bouncing straight up to retest 1.4 area
Option 3 - A new low or new support is being formed now and the price will skyrocket up to 1.4
On all those options we can clearly see that Bulls have finally taken over after the breakdown of descending wedge. However, as with forex, there is always the potential of trend reverse so I will be paying very close attention to this pair over the next 8 - 12 hours.
Happy Trading everyone.
P.S What are your thoughts on this pair?