Based off previous analysis, price has finally broken out of it's descending trendlines.
Currently price broke under from these range last week and has broken back in.
It is testing the resistance/supply zone once more, from a supply standpoint, there's diminishing supply from the zone of 1.088 - 1.089 due to multiple attempts
which hints that there could be a high probability of price breaking out and moving above this zone
Looking for longs seem to be the higher probability trade at the moment,
as price has broken out of 1 parallel descending channel & 2 different descending trendline,
it has also been moving up nicely along with an ascending trendline.
Depending on how price move,
a pullback and retest to the 15min demand zone is possible for a low risk entry
or a break up and retest close to the ascending trendline
target will be the next supply zone
a strong clean break under the ascending trendline and I may start looking for high probability shorts
Currently price broke under from these range last week and has broken back in.
It is testing the resistance/supply zone once more, from a supply standpoint, there's diminishing supply from the zone of 1.088 - 1.089 due to multiple attempts
which hints that there could be a high probability of price breaking out and moving above this zone
Looking for longs seem to be the higher probability trade at the moment,
as price has broken out of 1 parallel descending channel & 2 different descending trendline,
it has also been moving up nicely along with an ascending trendline.
Depending on how price move,
a pullback and retest to the 15min demand zone is possible for a low risk entry
or a break up and retest close to the ascending trendline
target will be the next supply zone
a strong clean break under the ascending trendline and I may start looking for high probability shorts
Comment:
15min timeframe with demand zone
Trade active:
