The Banks and Institutions have placed Four Sell Orders in the past as we can see in the chart. There is a Strong Confluence of Resistance in the 0.8960 - 0.8975 area.
Are the Banks preparing to place another Sell Order??
Price has been in a Descending Channel since 27th July.
There is a Strong Confluence of Resistance around 0.8960. This is the Sweet Spot..🤗🤗
We have Four (4) types of resistance in this area.
-38.2% Fibonacci Resistance at 0.8960
-Weak Horizontal Resistance at 0.8960 - 0.8975
-Pivot Point Resistance (R1) at 0.8960
-Trendline Resistance at 0.8970
Trade Idea
First Move (Buy)
Buy at 0.8900 and Join the Bulls in the retracement move to retest the Top of the Descending Channel. Target TP is 0.8970
Second Move (Sell) (Main Plan)
This is my main plan and this should have the biggest reward/profit. After the Second Move, I will wait for price to get to the Sweet Spot at 0.8960 and then Sell.
Target TP1 is at 0.8938 and Target TP2 is at 0.8900. Looking to sell when price gets to the Sweet Spot on the Chart with Final Target TP 0.8880 (Strong Support and Monthly Level)
As usual we enter all trades with a tight stop loss to reduce the risk, in case the market changes direction. Cheers!!
Are the Banks preparing to place another Sell Order??
Price has been in a Descending Channel since 27th July.
There is a Strong Confluence of Resistance around 0.8960. This is the Sweet Spot..🤗🤗
We have Four (4) types of resistance in this area.
-38.2% Fibonacci Resistance at 0.8960
-Weak Horizontal Resistance at 0.8960 - 0.8975
-Pivot Point Resistance (R1) at 0.8960
-Trendline Resistance at 0.8970
Trade Idea
First Move (Buy)
Buy at 0.8900 and Join the Bulls in the retracement move to retest the Top of the Descending Channel. Target TP is 0.8970
Second Move (Sell) (Main Plan)
This is my main plan and this should have the biggest reward/profit. After the Second Move, I will wait for price to get to the Sweet Spot at 0.8960 and then Sell.
Target TP1 is at 0.8938 and Target TP2 is at 0.8900. Looking to sell when price gets to the Sweet Spot on the Chart with Final Target TP 0.8880 (Strong Support and Monthly Level)
As usual we enter all trades with a tight stop loss to reduce the risk, in case the market changes direction. Cheers!!