The area between 0.6800 and 0.6865 has been a solid support for this pair since April 2020. The 200DMA has been long known to provide a bias and price has moved above it now. Note also the slope of this line has changed from downward sloping to flat, giving me a neutral/long bias as per my daily chart.
Let us look at the H4 view. Note that price has been moving in a channel since Nov. Of recent it has moved away from the bottom of the channel and actually broke out to the up side. It has retested that breakout on Fri and looks ready for a bullish move now. The swing high at 0.7166 looks like a logical target.
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As always, please use sound money and risk management in all your trades.
Let us look at the H4 view. Note that price has been moving in a channel since Nov. Of recent it has moved away from the bottom of the channel and actually broke out to the up side. It has retested that breakout on Fri and looks ready for a bullish move now. The swing high at 0.7166 looks like a logical target.
If you like my analysis please give it a “thumbs up” and follow me to get immediate notifications.
As always, please use sound money and risk management in all your trades.
Note
Stop moved to b/e.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.