Short term bullish break-out confirmed. Long.

Sep 3, 2018

With the break above 1.1700, the breaking of the 1D Channel Down was confirmed and despite the currently neutral numbers (RSI = 52.012, Highs/Lows = 0.000, MACD = 0.0000), the pair is a better long option for the short term. As a result we have closed last weeks short with small profit and instead open a long now with TP = 1.17310. If 1.1755 breaks then the 4H Channel Up will attempt a test 1.18513 and we will consequently target 1.1830. There is one scenario where 1D has just completed an Inverse Head and Shoulders pattern and that a 1.15531 - 1.17310 Rectangle may emerge (right Shoulder) in a symmetrical sequence as during 15 June - 02 August. In that case a scalp buying approach will be utilized.