I believe there is a long opportunity for this pair. Firstly, price has broken a key trend kind acting as resistance which, on the daily chart, is a boundary for unstructured rectangle consolidation. We have a clean pierce though on both the 4 hour and 1 hour charts with a bearish hammer and 2 bullish candles. There was also an inverse head and shoulders pattern formed recently which signifies reversal. I believe price should move to the next structure high at around 1.58128
Trade closed: stop reached
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Target reached profit but a candle with an extremely long lower wick stopped me out. Stop might have been in the wrong place but perhaps an unlucky trade.
Comments
PrasadMalandkar
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Excellent trade
Mandeep.Singh
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Thanks, unfortunately a long wick stopped me out but it's all good!