Hi Traders, hope you had a great bullish reversal setup yesterday. In yesterday's forecast, I expected EU to have a strong bullish reversal at 1.2134 zone, which was exactly what the market performed. Due to the amount of noises on the hourly chart, I will be performing the analysis using the 4h chart today. Due to the recent downwards violation of the channel, short-term bearish pressure could be expected. Currently will be looking for short-term bearish continuation setup
1. A rejection at 1.2241 minor resistance which coincides with 0.5 fib level, with yesterday's bullish stretch as our additional confirmation. The target will be 1.2136 zone at previous swing low.
2. Deeper pullback into 1.2267 coincides the 0.618 fib level.
However, do not forget the overall trend on the higher timeframe remains bullish, above setups only valid with entry triggers at the specific zone, avoid above bearish setups if the bullish momentum is strong.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. A rejection at 1.2241 minor resistance which coincides with 0.5 fib level, with yesterday's bullish stretch as our additional confirmation. The target will be 1.2136 zone at previous swing low.
2. Deeper pullback into 1.2267 coincides the 0.618 fib level.
However, do not forget the overall trend on the higher timeframe remains bullish, above setups only valid with entry triggers at the specific zone, avoid above bearish setups if the bullish momentum is strong.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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