Hi Traders!
The market is in an overall Uptrend.
(Fyi: All screenshots were taken before the Breakout)
Let's start our Mutliple Timeframe Analysis of this pair with the weekly!
Here is the screenshot:
As you can see, the market is going to reach the "Area of Reaction" soon.
This area represents the last High above the current price.
That was in April 2018.
Then it started a descending Parallel Channel.
This has been broken out after a Fake Out.
Since then, there is a Trendline which gives some additional strength to the Bulls.
However, we should observe the reaction at the "First Level of Reaction" in the future.
Moving on with the daily TF:
Here you can see a clear uptrend.
It started a Trending Move after the Breakout at around 1.10 and moved until the the Level 1.19.
After that, a consolidation began.
This consoldiation ended when the Trendline came near to the price.
It finally broke out bullish again.
Let's continue with the H4 TF:
As you can see, the market moved in a consolidation after the Breakout too.
It was in a shape of an ascending triangle, because higher Lows stepped in to Resistance.
And take a look at this: Every time the price gets near of the 50 EMA, it gets high momentum and moves up.
Now the 50 EMA is near again, so we expect bullish pressure.
Finally, let's talk about the Entry Timeframe:
Here you can see the price is getting more and more squeezed.
This is a good opportunity, because it is like collecting fuel into a tank, before adding fire to it.
That is every time the case, when you see a "squeezing market".
It just needs one little Up-Movement - the spark of fire - to get explosive results.
We recommend to trade the Retest of the Breakout!
Thanks and successful Trading :)!
The market is in an overall Uptrend.
(Fyi: All screenshots were taken before the Breakout)
Let's start our Mutliple Timeframe Analysis of this pair with the weekly!
Here is the screenshot:
As you can see, the market is going to reach the "Area of Reaction" soon.
This area represents the last High above the current price.
That was in April 2018.
Then it started a descending Parallel Channel.
This has been broken out after a Fake Out.
Since then, there is a Trendline which gives some additional strength to the Bulls.
However, we should observe the reaction at the "First Level of Reaction" in the future.
Moving on with the daily TF:
Here you can see a clear uptrend.
It started a Trending Move after the Breakout at around 1.10 and moved until the the Level 1.19.
After that, a consolidation began.
This consoldiation ended when the Trendline came near to the price.
It finally broke out bullish again.
Let's continue with the H4 TF:
As you can see, the market moved in a consolidation after the Breakout too.
It was in a shape of an ascending triangle, because higher Lows stepped in to Resistance.
And take a look at this: Every time the price gets near of the 50 EMA, it gets high momentum and moves up.
Now the 50 EMA is near again, so we expect bullish pressure.
Finally, let's talk about the Entry Timeframe:
Here you can see the price is getting more and more squeezed.
This is a good opportunity, because it is like collecting fuel into a tank, before adding fire to it.
That is every time the case, when you see a "squeezing market".
It just needs one little Up-Movement - the spark of fire - to get explosive results.
We recommend to trade the Retest of the Breakout!
Thanks and successful Trading :)!