In yesterday's forecast I expected GU to rollover with grinding sort of bearish movement towards 1.3540 support zone for a potential bounce towards 1.3610 minor resistance zone (Re-test), which was exactly what the market performed. Currently looking for short-term selling opportunities, there are two setups that I am looking at
1. Pullback deeper towards 1.3620 to further stretch the market attracting more buyers, before the next bearish continuation move with 1.3540 & 1.3480 as targets
2. Price found bullish momentum violating 1.3620 resistance zone, going to re-test the 1.3660 resistance level
However, 1.3480 is a key support zone for buyers to hold, if zone is breached we could expect more selling pressure kicking in. Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
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1. Pullback deeper towards 1.3620 to further stretch the market attracting more buyers, before the next bearish continuation move with 1.3540 & 1.3480 as targets
2. Price found bullish momentum violating 1.3620 resistance zone, going to re-test the 1.3660 resistance level
However, 1.3480 is a key support zone for buyers to hold, if zone is breached we could expect more selling pressure kicking in. Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content
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