The weekly chart highlights the descending trendline and a significant s/r level around 0.6600. This confluence brings the possibility to short the pair with a good potential R/R.
In the daily chart we see a pretty strong impulsive bullish move followed by 2 days of indecision.
Trade execution would be best done by following price action on H4 time frame. If price revisits 0.6600 area and gets rejected again, that would be ideal. That may however not happen, so follow the sentiment in the market to take your trade.
If however, price blows through and above the 0.6600 area, my analysis would be negated.
If you like my analysis, please give this a "thumbs up" and follow me to get immediate notifications of my analysis and updates.
As always, please use sound money and risk management in all your trades.
If however, price blows through and above the 0.6600 area, my analysis would be negated.
If you like my analysis, please give this a "thumbs up" and follow me to get immediate notifications of my analysis and updates.
As always, please use sound money and risk management in all your trades.