Hi Traders, hope you had a great bullish reversal setup yesterday. In yesterday's forecast, I expected a strong bullish reversal on GU at 1.3470 support zone back towards 1.37 recent daily high due to the over-extended condition and higher timeframe structure, which was exactly what the market performed. As price is approaching 1.37, will be looking for short-term bearish mean reversion setup (Probe). These are two possible setups that I am currently looking at
1. Price takeover previous high at 1.37 (Probe) with an over-extended condition, with bearish reversal candlestick pattern as our trigger, 1.3627 is the initial target. I noticed that GU is currently repeating an impulse deep correction scenario (0.5 - 0.886 fib retracement).
2. Determine the strength of the breakout, if it is strong, will be looking for potential re-test at 1.37 or even deeper pullback for a rejection at 1.3671 minor support zone for further bullish continuation.
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Price takeover previous high at 1.37 (Probe) with an over-extended condition, with bearish reversal candlestick pattern as our trigger, 1.3627 is the initial target. I noticed that GU is currently repeating an impulse deep correction scenario (0.5 - 0.886 fib retracement).
2. Determine the strength of the breakout, if it is strong, will be looking for potential re-test at 1.37 or even deeper pullback for a rejection at 1.3671 minor support zone for further bullish continuation.
However, 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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Previous analysis
