We are approching very important level...1.00 psychological number
We also reached yearly DEMA (240 Daily DEMA / 1440 4hrs DEMA). Double Exp. MA (DEMA) is one of the best tools to capture trends. The question is if price wlill break it and starts trending above or will reject from it.
We will for sure see a minor rejection at least. But I suspect a breakout (as we broke the uptrend) and the correlated GBP suggests bullish continuation after the pullback. Remember we also hit yearly reversal level, yearly traditional pivot S3 (see my previous post) from where we have seen a trend breakout now. We might have hit the yearly bottom.
Price will have a bearish reaction here and is likely to pull back
But the bullish trend might continue after the skinny leg had been filled.
FOR EDUCATIONAL PURPOSES ONLY
We also reached yearly DEMA (240 Daily DEMA / 1440 4hrs DEMA). Double Exp. MA (DEMA) is one of the best tools to capture trends. The question is if price wlill break it and starts trending above or will reject from it.
We will for sure see a minor rejection at least. But I suspect a breakout (as we broke the uptrend) and the correlated GBP suggests bullish continuation after the pullback. Remember we also hit yearly reversal level, yearly traditional pivot S3 (see my previous post) from where we have seen a trend breakout now. We might have hit the yearly bottom.
Price will have a bearish reaction here and is likely to pull back
But the bullish trend might continue after the skinny leg had been filled.
FOR EDUCATIONAL PURPOSES ONLY