We are going to start with the chart with the higher timeframe.
This is the 2 Weeks chart:
🔸We see here that in the last year, the price is in a clear upward momentum, which even generated a break in the . Given this situation, we consider that the trend should continue UNTIL the price reaches the 1.2500 area. If we look in the past, the price found interesting supply in this area, so we expect similar behavior. While it may just be a corrective move and not a trend reversal, the zone is worth keeping in mind.
🔸In the , we focus on analyzing the current trend. We see that it is clearly and is within a channel. The price broke the consolidation process that lasted a few months and is now in a small correction in the .
🔸Given these two visions, if we reduce the timeframe a little more (8h, which is the published chart), we can look for a potential entry into the market. As we explained previously, in the , there is a correction, and this correction is an evident , which is a continuation pattern. The safe way to take a trade here is to wait for a breakout of the pattern and look for an entry above the previous internal high of the structure. If this happens, we may be in front of the next momentum. The target of the movement we propose is the next at 1.25000.
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