I'm keeping my eye on this pair for a breakout higher above resistance and for price to stall and retrace back down to the potential broken resistance turned support at the 1.3800 area.
If the pair does break higher, than I believe it can turn back down at the 200 Moving average in which I'll be looking to be a buyer of the pair. I will also attach a Weekly chart on here to showing my reasoning behind believing we will see a break out above current resistance. The reasoning being the bullish engulfing weekly candle that stopped just shy of breakout out hehe.
Cheers and happy trading =)
Comments
moneymaking
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Yup, I'll be looking to long only after a daily close above 200 MA. Thanks for attaching the weekly chart that gives us even a broader picture. Good Luck Daniel :)
Daniel.B
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Hehe thanks for the kind comments man, appreciate it! Best of luck to you also! =)
PriceActionTrading
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Yes. W1 bullish engulfing. D1 inverse H&S completed. awaiting breakout and enter on retest.
Daniel.B
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Didn't notice the H/S on D1, thanks for pointing it out! =)