Monthly
In may price rejected 0.7400 and has produced a strong bullish engulfing candle in June taking out 3 months prior bearish price action. This pair has historically rejected 0.7750 numerous times but I believe we can head up for another test. MAs are upward facing.
Weekly
Again, last few weeks have been bullish with MAs crossing over to the upside. We also produced a bullish engulfing candle 2 weeks ago. Last week we've seen some bearish momentum but I believe this is a pullback as demonstrated on lower timeframes.
Daily
We have seen clear higher lows and higher highs on the daily TF. Price firmly rejected the weekly support area of 0.7575 with a bullish engulfing 2 days ago along with another bullish candle yesterday. This completes both a higher low as well as a 3-pin formation. MAs are also upward facing.
H4
Price has been consolidating in our preferred fib region around 61.8% and has broken our CTL as well as MAs crossing to the upside. We can also see a break of a key counter trend line from 14th June which price has respected yesterday forming a hammer candlestick. There is also a double bottom formation to add to confluences. Our target area is confluent with the monthly resistance of 0.7750.
In may price rejected 0.7400 and has produced a strong bullish engulfing candle in June taking out 3 months prior bearish price action. This pair has historically rejected 0.7750 numerous times but I believe we can head up for another test. MAs are upward facing.
Weekly
Again, last few weeks have been bullish with MAs crossing over to the upside. We also produced a bullish engulfing candle 2 weeks ago. Last week we've seen some bearish momentum but I believe this is a pullback as demonstrated on lower timeframes.
Daily
We have seen clear higher lows and higher highs on the daily TF. Price firmly rejected the weekly support area of 0.7575 with a bullish engulfing 2 days ago along with another bullish candle yesterday. This completes both a higher low as well as a 3-pin formation. MAs are also upward facing.
H4
Price has been consolidating in our preferred fib region around 61.8% and has broken our CTL as well as MAs crossing to the upside. We can also see a break of a key counter trend line from 14th June which price has respected yesterday forming a hammer candlestick. There is also a double bottom formation to add to confluences. Our target area is confluent with the monthly resistance of 0.7750.
Comment:
SL moved beyond BE.
Comment:
Closed early for 118 pips profit.