In the previous analysis (Saturday/ 2nd Jan), I expected the market to respect the channel formation and reject off the bottom range of the channel, which is exactly what the market performed during the Asia session today. As mentioned, do pay attention to 1.2255 & 1.2270 resistance zone, If price rejects from there we could see short-term rotation potentially breaking the channel downwards. However, do not forget that the overall direction is bullish. There are two setups I am currently looking at
1. Conservatively, wait for price to break above 1.2270 with more bullish momentum, have long entries after some pullback/ exhaustion patterns (Eg. flag, pennant, etc.)
2. If price turns bearish from 1.2255 - 1.2270 zone, short it with bearish candlestick pattern as entry trigger, ideally back to 1.2170 zone
Trade safe.
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1. Conservatively, wait for price to break above 1.2270 with more bullish momentum, have long entries after some pullback/ exhaustion patterns (Eg. flag, pennant, etc.)
2. If price turns bearish from 1.2255 - 1.2270 zone, short it with bearish candlestick pattern as entry trigger, ideally back to 1.2170 zone
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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Previous analysis
