We're seeing the price flirting with a resistance level around 150.550. The 21-day EMA (the yellow line) is trailing just below the current price, indicating an uptrend as the price is consistently above this moving average, suggesting bullish sentiment.
However, the repeated tests of the resistance without a clear breakout might mean the bulls are losing steam. If we see a solid close above the resistance, it could signal further upside. Conversely, a retreat from this level could see the pair heading back to test the support around 149.211, where the 21-day EMA might also provide dynamic support.
For traders, the strategy here is cautious optimism: watch for a confirmed breakout above resistance for a potential long opportunity, but also keep an eye on the EMA for signs of a trend reversal or a retracement that might offer a better entry point. The key is to trade with the trend but be ready to pivot if the price action indicates a shift.
However, the repeated tests of the resistance without a clear breakout might mean the bulls are losing steam. If we see a solid close above the resistance, it could signal further upside. Conversely, a retreat from this level could see the pair heading back to test the support around 149.211, where the 21-day EMA might also provide dynamic support.
For traders, the strategy here is cautious optimism: watch for a confirmed breakout above resistance for a potential long opportunity, but also keep an eye on the EMA for signs of a trend reversal or a retracement that might offer a better entry point. The key is to trade with the trend but be ready to pivot if the price action indicates a shift.
Sheena Lynne