Monthly
On a monthly perspective, we are clearly in favour of upward momentum. MAs are facing up and last month we closed above 132.00 This monthly has have tested the same level and rejected it with a spike.
Weekly
Price pulled back over the last few weeks to 132.00 now acting as firm support - it did not successfully close below this point. Last week we had some what of an inverted hammer which is a price reversal formation. This week we tested the 132.00 area again and rejected it as well as our blue EMA. We have been very bullish this week and I anticipate a strong close tomorrow.
Daily
Over the last month, we've seen a lot of consolidation and sideways movement from this pair. It's attempted to breach 132.00 3 times but ultimately failed. Yesterday we closed with a strong bullish engulfing candle and 2 days before that a hammer. All great signs of upward bias. Our EMAs are always upward facing in alignment with the weekly and monthly.
H4
After lots of consolidation and a rejection of our preferred fib area and monthly support confluences, we finally had a solid EMA crossover with a CTL break. Today we tested this with a long spiked candle but ultimately sustained above.
On a monthly perspective, we are clearly in favour of upward momentum. MAs are facing up and last month we closed above 132.00 This monthly has have tested the same level and rejected it with a spike.
Weekly
Price pulled back over the last few weeks to 132.00 now acting as firm support - it did not successfully close below this point. Last week we had some what of an inverted hammer which is a price reversal formation. This week we tested the 132.00 area again and rejected it as well as our blue EMA. We have been very bullish this week and I anticipate a strong close tomorrow.
Daily
Over the last month, we've seen a lot of consolidation and sideways movement from this pair. It's attempted to breach 132.00 3 times but ultimately failed. Yesterday we closed with a strong bullish engulfing candle and 2 days before that a hammer. All great signs of upward bias. Our EMAs are always upward facing in alignment with the weekly and monthly.
H4
After lots of consolidation and a rejection of our preferred fib area and monthly support confluences, we finally had a solid EMA crossover with a CTL break. Today we tested this with a long spiked candle but ultimately sustained above.
Comment:
SL moved to beyond BE.
Trade closed manually:
Closed before ECB and 3rd rejection off previous highs for healthy profits.