I am in this same position after seeing much respect to support. Do you think the support will hold? One warning I am seeing with this trade is that the previous High actually makes a double top (bearish reverse) pattern on the daily chart.
UnknownUnicorn1118164
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@ccalvin901, You are right but the reason I went long is that the DXY is at reasonably strong resistance level where my 200EMA is currently at, and when I draw a channel on H1, price is seating at the top of the channel (a potential turning point). The EXY, on the other hand, is approaching a support level at the 200EMA and I believe it will continue in its uptrend for a little longer.
Otherwise the setup itself was not confirmed for me on EU because price action is still below RSI 50.
ccalvin901
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@wanadigital, Yes sir so correct, I am in it now. Do you see the bull move now?
ccalvin901
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@wanadigital, Also if we look at the weekly, it give more reasons to go bull