Monthly
Last month we had a strong bullish close above 1.1925 after a huge retest zone pulling us back to our EMAs. This month, we've tested the same critical area and rejected it with a long wick. Gernerally, this pair has been bullish since Jan 2017 and as we approached the end of 2018, we saw price reacting and pulling back.
Weekly
Last week we saw a shooting star close against a key daily area of resistance as well as previous highs - 1.2070. This week price did fall back to 1.1925 as support and test our blue EMA as well. A clear rejection back up shows the buying pressure present in this market.
Daily
Clear higher lows and higher highs representing an uptrend and supporting a long bias. Price has crossed back over the EMAs; should today remain strong, we will most likely see a morning star formation.
H4
Again, clear higher lows and higher highs on the 4 hour TF. Price pulled back to our preferred fib region which was confluent with weekly support at 1.1925. After some some consolidation we can see a clear break of the CTL and EMA crossover to the upside.
Last month we had a strong bullish close above 1.1925 after a huge retest zone pulling us back to our EMAs. This month, we've tested the same critical area and rejected it with a long wick. Gernerally, this pair has been bullish since Jan 2017 and as we approached the end of 2018, we saw price reacting and pulling back.
Weekly
Last week we saw a shooting star close against a key daily area of resistance as well as previous highs - 1.2070. This week price did fall back to 1.1925 as support and test our blue EMA as well. A clear rejection back up shows the buying pressure present in this market.
Daily
Clear higher lows and higher highs representing an uptrend and supporting a long bias. Price has crossed back over the EMAs; should today remain strong, we will most likely see a morning star formation.
H4
Again, clear higher lows and higher highs on the 4 hour TF. Price pulled back to our preferred fib region which was confluent with weekly support at 1.1925. After some some consolidation we can see a clear break of the CTL and EMA crossover to the upside.
Trade closed: target reached:
Closed trade at target 1 - 130 pips.
Target 2 still on the radar for speculation.
Target 2 still on the radar for speculation.