Looking historically at the Weekly chart we can see see that a major support level is the 1.05 and bears have been guarding the 1.13 area for quite some time now. The MACD has been showing a lot of divergence untill recently. Since we've recently tested the 1.05 and held support again and the MACD is in confluence with the price, my bias on the pair is bullish.
Looking at the 4H chart we can see that the trend has reversed by making a Higher high followed by a Higher low within the PRZ zone.
My long positions will be targeted at the previous levels of resistance at the 1.13 area and the Montly R2/ 1.618 extention from previous swing 1.10 area.
I am currently looking for a pullback into the 1.06 1.055 area to buy Monthly Central Pivot/ (200SMA test)
My stops will be below the previous low at the 1.04 area.
Looking at the 4H chart we can see that the trend has reversed by making a Higher high followed by a Higher low within the PRZ zone.
My long positions will be targeted at the previous levels of resistance at the 1.13 area and the Montly R2/ 1.618 extention from previous swing 1.10 area.
I am currently looking for a pullback into the 1.06 1.055 area to buy Monthly Central Pivot/ (200SMA test)
My stops will be below the previous low at the 1.04 area.
Trade active:
Long @ 1.0580
SL @ 1.0400
TP1 @ 1.0750
TP2@ 1.1000
TP3 @ 12500
SL @ 1.0400
TP1 @ 1.0750
TP2@ 1.1000
TP3 @ 12500