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.
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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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