Monthly
Multiple monthly rejections of 1.0500 keeping price firmly above this level.
Weekly
Clear higher lows and higher highs on the weekly TF. A new higher low has been completed and last week we formed an inverted hammer indicating a reversal in momentum. This was in confluence with our TL and price is now trading back above this area. MAs are converging and may cross over to the upside.
Daily
A clear inverted hammer has formed on Friday before this bank holiday weekend - a strong confluence of reversal with today's candle looking like a bullish engulfing. Price is now trading back above our TL.
H4
There are clear higher lows and highs on this TF confirming an uptrend in motion. Price has pulled back to a key 4-hour area of 1.0620 and tested this as support along with 61.8% fib level and our long term daily TL. We also had the completion of a higher low at this area. MAs have crossed over to the upside and we have also broken our CTL - retested - rejected and entered on a continuation.
Multiple monthly rejections of 1.0500 keeping price firmly above this level.
Weekly
Clear higher lows and higher highs on the weekly TF. A new higher low has been completed and last week we formed an inverted hammer indicating a reversal in momentum. This was in confluence with our TL and price is now trading back above this area. MAs are converging and may cross over to the upside.
Daily
A clear inverted hammer has formed on Friday before this bank holiday weekend - a strong confluence of reversal with today's candle looking like a bullish engulfing. Price is now trading back above our TL.
H4
There are clear higher lows and highs on this TF confirming an uptrend in motion. Price has pulled back to a key 4-hour area of 1.0620 and tested this as support along with 61.8% fib level and our long term daily TL. We also had the completion of a higher low at this area. MAs have crossed over to the upside and we have also broken our CTL - retested - rejected and entered on a continuation.
Comment:
SL moved to BE + 5.
Trade closed: target reached:
112 pips profit.