Bullish Retracement
Updated
On the 4h chart, the pair is testing
V2 Zone and set a significant support area @ 107.8 with 3 rejections to the overall bearish move.
The pair still maintain a bearish bias with as EMA,200 > EMA,50 > EMA,13, although i do anticipate a bullish retracement for the coming week.
The pair is in a channel between the previous high (PH) and the previous low (PL), and i strongly think that the coming week will present a bullish opportunity as the pair looks to retrace up to the T2 trend line or even the R2 line (@109.119).
Trade set up
Entry: 107.864
S/L: 107.7
T/P 1:108.578 (Ph)
T/P 2: 109.119 (R2)
V2 Zone and set a significant support area @ 107.8 with 3 rejections to the overall bearish move.
The pair still maintain a bearish bias with as EMA,200 > EMA,50 > EMA,13, although i do anticipate a bullish retracement for the coming week.
The pair is in a channel between the previous high (PH) and the previous low (PL), and i strongly think that the coming week will present a bullish opportunity as the pair looks to retrace up to the T2 trend line or even the R2 line (@109.119).
Trade set up
Entry: 107.864
S/L: 107.7
T/P 1:108.578 (Ph)
T/P 2: 109.119 (R2)
Trade closed: target reached
The pair is in its last wave of retracement and a continuation of the overall bearish move is imminent.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.