Hello traders! This is my full analysis for this pair. As seen on the chart above, price is evidently in a clear bullish trend on the daily chart . There are multiple confluences that indicate that the retracement is over & price is ready to continue the bullish trend . A little personal side note: I am very excited about this set-up because this is as textbook as it gets guys! The markets are very rarely this perfect in terms of set-ups. That being said, anything can happen, this is only a high probability set-up NOT a guarateed winner:
1) For starters, price is still trading above the 50 EMA , indicating that the trend is still bullish .
2) Price has broken previous highs and created new HH's, the same principle is applied to the HL's.
3) Price rejected the gold zone on the fibonacci (0.50), this gold zone is universally seen by traders as a level where price could potentially ends it's retracement to continue
the overall trend.
4) Furthermore, the rejection also happens to be at a previous resistance zone that is now being used as support. At this point we are ready to scale down to a smaller TF to look for a possible entry (Possibly through a pattern set-up).
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Good Luck Traders!
1) For starters, price is still trading above the 50 EMA , indicating that the trend is still bullish .
2) Price has broken previous highs and created new HH's, the same principle is applied to the HL's.
3) Price rejected the gold zone on the fibonacci (0.50), this gold zone is universally seen by traders as a level where price could potentially ends it's retracement to continue
the overall trend.
4) Furthermore, the rejection also happens to be at a previous resistance zone that is now being used as support. At this point we are ready to scale down to a smaller TF to look for a possible entry (Possibly through a pattern set-up).
If you like this idea please hit the like button & follow me for more ideas like this in the future!
Good Luck Traders!