Simple price action trade. The pair seems to be in consolidation in a rectangle. Lower trend line acting as support has been hit and not broken forming a hammer. This indicates a reversal to the upside and buying pressure. On the 4 hour, after the close of the current 6pm candle we should have a bullish engulfing.
On the 1 hour chart we have a morning star formation which shows strong reversal followed by 3 bullish soldiers. Stochastic is also in oversold conditions headed upwards.
On the 1 hour chart we have a morning star formation which shows strong reversal followed by 3 bullish soldiers. Stochastic is also in oversold conditions headed upwards.
Trade closed: target reached:
Target hit for 160 pips profit.