Long term trend: Down
Medium term trend: Up
Significant Levels: 0.94 (Horizontal Resistance), 0.917 (Horizontal Support), 0.9 (Significant Round Number), Confluence Area
In this pair, we are still looking for the retracement. 0.94 Resistance level is very solid as can be seen in the chart. The price, after the Large Bullish bar was formed, consolidated and is now at the Resistance. Two things can happen, a breakout above and a retracement down. Both are alright, but it would be a better opportunity to trade the retracement because it would give us a lower price for us to place our Long trade. And the intersection of the Uptrend line and the 0.917 level would be the best area to place an order. Also, this level is near the 0.618 level in the Fibonacci Retracement.
If the breakout above occurred, we won't place a Long trade immediately. We would look for the price to go back at this level before placing our trade. Of course, if the price action gives us a Bullish signal.
As of now, there is no trade yet for us. Be patient.
Trade well.
Medium term trend: Up
Significant Levels: 0.94 (Horizontal Resistance), 0.917 (Horizontal Support), 0.9 (Significant Round Number), Confluence Area
In this pair, we are still looking for the retracement. 0.94 Resistance level is very solid as can be seen in the chart. The price, after the Large Bullish bar was formed, consolidated and is now at the Resistance. Two things can happen, a breakout above and a retracement down. Both are alright, but it would be a better opportunity to trade the retracement because it would give us a lower price for us to place our Long trade. And the intersection of the Uptrend line and the 0.917 level would be the best area to place an order. Also, this level is near the 0.618 level in the Fibonacci Retracement.
If the breakout above occurred, we won't place a Long trade immediately. We would look for the price to go back at this level before placing our trade. Of course, if the price action gives us a Bullish signal.
As of now, there is no trade yet for us. Be patient.
Trade well.