The following describes the recent price action:
- bullish trend followed by
- consolidation & formation of a double bottom.
- price holding above the 50EMA.
- an minor break out above the range.
- pullback to the range held by the significant support around 0.8500.
Since the preceding trend was bullish and price has been forming higher lows and highs, a trend continuation is likely. I am expecting that next week will see this happen. Targets can be around the next S/R level in the 0.8980 region.
Always use sound money and risk management and stay patient in all your trades.
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- bullish trend followed by
- consolidation & formation of a double bottom.
- price holding above the 50EMA.
- an minor break out above the range.
- pullback to the range held by the significant support around 0.8500.
Since the preceding trend was bullish and price has been forming higher lows and highs, a trend continuation is likely. I am expecting that next week will see this happen. Targets can be around the next S/R level in the 0.8980 region.
Always use sound money and risk management and stay patient in all your trades.
If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!
Trade closed: stop reached
Failed trade.
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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.