We are at a very interesting resistance with where each rejection of this level say price action falling to around 1.50 or below. We are expecting the same to take place here. Assessing the market structure over the past six (6) month we are seeing where we are above an key level in the market with patterns creating a breakout ond retest to the upside, giving indication that we may see price hit the top of the Key monthly structure.
From a weekly perspective we’re seeing where the market has created a string candle which would give confluence to the monthly analysis of a potential move to the upside.
A closer look on the also provides confirmation to our forecast with the market potentially starting is 5th wave based on Waves Analysis. Ideally we’d want to see price action closing firmly above the resistance structure at $1.5700 then we can start looking for entires to hit around 1.6200
My overall bias is LONG and to see price action hitting $1.6250.00 I've labeled the areas based on what I will be anticipating.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, or Indices.
Market Structure: This is classified as any group of placed together with the use of Support, Resistance and . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.