Hello, according to my previous W1 idea i think this pair already bottomed and is starting a rally.
This a closer view on D1 chart, here we can see:
- a corrective channel as support
- 0.61 fib retracement
- wedge showing bullish pressure
Right now price is testing the key psycholevel 1.5500. We could have some consolidation first and then price will break this level and continue a strong rally and will not come back below 1.55000
I will place buy stop orders above 1.5550 with SL near 1.5400. A simple plan with great potential for next 2-3 weeks.
Last target would be the big AB=CD pattern (red) near 1.6500
Best regards.
This a closer view on D1 chart, here we can see:
- a corrective channel as support
- 0.61 fib retracement
- wedge showing bullish pressure
Right now price is testing the key psycholevel 1.5500. We could have some consolidation first and then price will break this level and continue a strong rally and will not come back below 1.55000
I will place buy stop orders above 1.5550 with SL near 1.5400. A simple plan with great potential for next 2-3 weeks.
Last target would be the big AB=CD pattern (red) near 1.6500
Best regards.