Top Down Analysis:
Monthly:
The pair has been in an uptrend since mid 2012;
On March, we had a break of key 1.592 level; which is the historical high in this trend;
Although we have this break, price is far from the 20EMA, which means we might find a pullbcak yet this year;
Bias is bullish for the April and May;
Resistance comes in at 1.60800
Weekly:
We have an ascending Parallel Channel with very acute angle;
16/04 Candle showed strong bullish momentum and signaled rejection of 1.58 level;
10, 20 EMAs are bullish, aligned and separated, indicating strong uptrend;
Bias for 23/04 week is bullish;
Daily:
We have a break of pullback trend line on 19/04 engulfing candle coming from 10/20 EMA mean which would be entry trigger for daily execution;
Price may reach 1.62 previous high;
10EMA is above 20EMA indicating the bulls are in the lead;
R1 pivot level comes in below 1.63 level;
On the daily time frame the pair indicates that there's enough room for a profitable rally breaking higher highs;
Bias:
Bullish
Given all of the above and moving down to the 4H for execution:
Entry trigger:
-We have a bullish Head and Shoulders breaking the Pullback Trend Line;
Stop Loss:
-A few pips below Trigger Candle's low;
Target Profit:
-Measured move from Head to TL projected to the up side at Trend Line break;
Trade Management:
-Set and Forget
Monthly:
The pair has been in an uptrend since mid 2012;
On March, we had a break of key 1.592 level; which is the historical high in this trend;
Although we have this break, price is far from the 20EMA, which means we might find a pullbcak yet this year;
Bias is bullish for the April and May;
Resistance comes in at 1.60800
Weekly:
We have an ascending Parallel Channel with very acute angle;
16/04 Candle showed strong bullish momentum and signaled rejection of 1.58 level;
10, 20 EMAs are bullish, aligned and separated, indicating strong uptrend;
Bias for 23/04 week is bullish;
Daily:
We have a break of pullback trend line on 19/04 engulfing candle coming from 10/20 EMA mean which would be entry trigger for daily execution;
Price may reach 1.62 previous high;
10EMA is above 20EMA indicating the bulls are in the lead;
R1 pivot level comes in below 1.63 level;
On the daily time frame the pair indicates that there's enough room for a profitable rally breaking higher highs;
Bias:
Bullish
Given all of the above and moving down to the 4H for execution:
Entry trigger:
-We have a bullish Head and Shoulders breaking the Pullback Trend Line;
Stop Loss:
-A few pips below Trigger Candle's low;
Target Profit:
-Measured move from Head to TL projected to the up side at Trend Line break;
Trade Management:
-Set and Forget
Trade closed manually:
+1.24R