BUY - PRICE ACTION IN MINOR UPTREND CHANNEL :caution
Hello Traders ,
Even though price has been failing continuously from past few days , but analysing chart pattern we find that by firdays close price action is trying to start next bullish move towards 1.15,
As of now its too early to say but one thing is sure , we are not going to short this pair unless it breaks below 1.12 convincingly ,
Till then we are Bullish on this pair and recommend buying near bottom of channel with stops below previous lower highs ,
In coming days we expect price to move towards 1.13 levels , find resistance and then try breaking resistance levels at 1.1320 & 1.1350 and to come out of descending channel range , After we expect price to continue its path towards 1.15 level..
Please comment and let us know what do you think about this analysis ,
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Even though price has been failing continuously from past few days , but analysing chart pattern we find that by firdays close price action is trying to start next bullish move towards 1.15,
As of now its too early to say but one thing is sure , we are not going to short this pair unless it breaks below 1.12 convincingly ,
Till then we are Bullish on this pair and recommend buying near bottom of channel with stops below previous lower highs ,
In coming days we expect price to move towards 1.13 levels , find resistance and then try breaking resistance levels at 1.1320 & 1.1350 and to come out of descending channel range , After we expect price to continue its path towards 1.15 level..
Please comment and let us know what do you think about this analysis ,
Follow us for timely updates & ideas
Comment:
Looks like todays USD fundamental news has invalidated our idea , even though we will be looking closely at daily close below 1.1180 or else we remain bullish on pair