GU has been in a descending channel/ Flag pattern since late February. Price breaks above the top band earlier due to the Fed news. In today's trading session, if the bullish momentum continues, I will be looking for potential short-term buying opportunities. If we get a re-test on the top band of the flag pattern, that gives us a potential break & re-test setup with 1.4000 as the initial target.
However, if there's any sudden bearish pressure pushing price back into the descending channel, that would invalidate the long setup. Do not forget the higher timeframe picture remains bullish.
Trade safe.
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However, if there's any sudden bearish pressure pushing price back into the descending channel, that would invalidate the long setup. Do not forget the higher timeframe picture remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.