The weekly chart gives a bullish divergence
at SMA100. The market looks bullish
and it gives a new buy opportunity. The daily timeframe
can be used for trading based on a breakout signal. Now the price is at the resistance zone
formed by SMA100 and the downtrend line. If we get the breakout above this zone, it will be a signal confirming a trend reversal and further upward movement. This breakout can be used for buying with profit target at 1.20000 level and stop below 1.15000 level.
Signals from indicators:
does not reach the overbought zone and it allows to open long trades
confirms the upward movement
- DMI is bullish
line rises confirming the upward movement.