Here on this 4HR chart, we are pretty much back at our support levels on this pair.
While price had been selling off, you can see that volume had also been decreasing. Indicating bears may be running out of steam.
If you look at the RSI, MACD & Stochastic and pair it with current price action, you can see that they are showing bullish hidden divergence as price is currently trending up.
A long at the grey highlighted box (Trend line) would make an ideal area to long this pair to 1.13900 where our resistance line is drawn & a stop of 1.12850 below the previous lower high makes sense. Since today is Friday, we'll wait til market re-open to make any possible moves.
While price had been selling off, you can see that volume had also been decreasing. Indicating bears may be running out of steam.
If you look at the RSI, MACD & Stochastic and pair it with current price action, you can see that they are showing bullish hidden divergence as price is currently trending up.
A long at the grey highlighted box (Trend line) would make an ideal area to long this pair to 1.13900 where our resistance line is drawn & a stop of 1.12850 below the previous lower high makes sense. Since today is Friday, we'll wait til market re-open to make any possible moves.
Comment:
Entered long earlier at 1.13200. Have another position on standby at 1.13100 in case price goes back to retest our trend line.
Trade closed: stop reached