I was looking for a move up yesterday from 1.2150 or so. It slightly missed the buy limit before market rallied to 1.22 strong resistance (on hot UK CPI data) but eventually faltered. Market formed an inside bar yesterday and is still in a range actually. Need a clear break to confirm direction, thus I would say need to be cautious. Overall, it is still unclear whether the lows of 4 October is the near term low, or is the bearish reversal candle of 12 October the highs for the next leg down.
Yesterday's price action is bearish and below the zones. IMO, I would wait to see how Europe session react. Ideally, I am looking for price to trade to 1.2180/88 and rejected before looking a possible short.
Yesterday's price action is bearish and below the zones. IMO, I would wait to see how Europe session react. Ideally, I am looking for price to trade to 1.2180/88 and rejected before looking a possible short.
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Join me for free on Patreon (patreon.com/fademeifyoucan) to receive my daily FX and indices trading plan. DM me to join my new group to learn all my trading levels and to trade together.
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.