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In yesterday's analysis, I discussed about the potential bullish rejection at 1.2130 support zone , market had a rejection but it wasn't as strong as my expectation. As price is consolidating around the 1.2170 - 1.2130 zone, the tight range does not really provide the volatility worth putting our risk on, but it is showing sign of short-term weakness. To validate any of these setups, either zone has to be clearly breached. There are two setups that I am looking at
1. Breaching 1.2170 minor resistance zone with 1.2266 as the initial target ( Bullish )
2. Downwards breakout of 1.2130 key support zone with 1.20650 as the initial target ( Bearish )
However, do not forget the overall trend on the higher timeframe remains bullish .
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Breaching 1.2170 minor resistance zone with 1.2266 as the initial target ( Bullish )
2. Downwards breakout of 1.2130 key support zone with 1.20650 as the initial target ( Bearish )
However, do not forget the overall trend on the higher timeframe remains bullish .
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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Previous analysis
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As a beginner, I can easily understand and learn from your analysis. Thanks for the good stuff! Keep it coming. :)
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i like the way you analyze daily the currencies with both way option. With this setup i agree even when right now due the us president inauguration the market is not really show a direction.
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@PuraVida74, Thanks for your kind words. By identifying possibilities it helps in avoiding rigid directional bias and respect the market. Cheers.
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