Keeping an eye on pairs and following price is the best way to understand where it may head next. A long trade for the following reasons:
1) Weekly chart shows price not being able to violate strong support at 0.83500 level with multiple rejections and possible daily bullish engulfing candle at the end of the day.
2) The daily chart is showing multiple doji candles representing indecision and an inverted hammer at the open of this week which combined show strong signs of reversal - especially at the key area of support.
3) On the 4 hour chart, we have higher lows being formed.
4) There is a break of our trend line as well as break of minor resistance, now retested and rejecting as support.
5) EMA/MA crossover on the 4 hour, looking like the same thing will happen on the daily.
1) Weekly chart shows price not being able to violate strong support at 0.83500 level with multiple rejections and possible daily bullish engulfing candle at the end of the day.
2) The daily chart is showing multiple doji candles representing indecision and an inverted hammer at the open of this week which combined show strong signs of reversal - especially at the key area of support.
3) On the 4 hour chart, we have higher lows being formed.
4) There is a break of our trend line as well as break of minor resistance, now retested and rejecting as support.
5) EMA/MA crossover on the 4 hour, looking like the same thing will happen on the daily.
Comment:
SL moved to BE
Trade closed manually:
Closed early for 90 pips profit - resistance area.