WEEKLY Chart
If we consider the following; the upward channel movement (from the lows of 2015 August 24 to the highs of 2017 September 4) to be a retracement of the bearish move from the 0.948 high of June 23, 2014 up to low of 0.685 on January 4, 2016. The retracement is yet to fill the 50% fib near 0.82 major level. Thereby bullish movements still expected.
DAILY Chart
Pair is in an upward channel creating higher highs and higher lows. Next anticipated Higher High to be at 0.82 key level. Again bullish movement expected.
ENTRY
1. 12 January 2018 candle closed as a bullish hammer rejected off the 8 EMA as well as closed above the major key level 0.79
2. EMA's show bullish momentum
3. Bounce off the upward trendline
4. Pair in channel and still to touch above trend line at 0.805
My bias for the pair is therefore bullish with first TP at 0.805.
If we consider the following; the upward channel movement (from the lows of 2015 August 24 to the highs of 2017 September 4) to be a retracement of the bearish move from the 0.948 high of June 23, 2014 up to low of 0.685 on January 4, 2016. The retracement is yet to fill the 50% fib near 0.82 major level. Thereby bullish movements still expected.
DAILY Chart
Pair is in an upward channel creating higher highs and higher lows. Next anticipated Higher High to be at 0.82 key level. Again bullish movement expected.
ENTRY
1. 12 January 2018 candle closed as a bullish hammer rejected off the 8 EMA as well as closed above the major key level 0.79
2. EMA's show bullish momentum
3. Bounce off the upward trendline
4. Pair in channel and still to touch above trend line at 0.805
My bias for the pair is therefore bullish with first TP at 0.805.
Comment:
Pair still rising as predicted. We currently sitting 30 pips from target which i believe should be reached before the end of this trading week.
Comment:
Pair came 12 pips away from target before closing with a bearish shooting star. may signal the current uptrend is about to end. Pair move 123 pips. All around analysis played out well.