Top Down Analysis:
Monthly:
Down trending since 2008;
Price retesting key 1.2525 Support as Resistance + Trend Line;
If we see successful rejection of these levels, the pullback move from 2016 will be officially over and can expect further down movement;
Weekly:
Price respected an Ascending trendline from 2017, making HH and HL;
After consolidation for 13 weeks, we finally can put together pieces that indicate which side the market is going to take, with this break of Up Trend Line bouncing from a LONG Monthly bearish Trend Line;
Key supports comes in at 1.20 and 1.172;
Daily:
In confluence with Mo and W analysis, we can execute the trade as Friday's candle broke ascending Trend Line initiating a bearish move;
Entry Trigger:
Break of ascending trendline;
Stop Loss:
A few pips above breakout candle's high;
Target Profit:
1.2000 Key level;
Trade Management:
Set and Forget
Monthly:
Down trending since 2008;
Price retesting key 1.2525 Support as Resistance + Trend Line;
If we see successful rejection of these levels, the pullback move from 2016 will be officially over and can expect further down movement;
Weekly:
Price respected an Ascending trendline from 2017, making HH and HL;
After consolidation for 13 weeks, we finally can put together pieces that indicate which side the market is going to take, with this break of Up Trend Line bouncing from a LONG Monthly bearish Trend Line;
Key supports comes in at 1.20 and 1.172;
Daily:
In confluence with Mo and W analysis, we can execute the trade as Friday's candle broke ascending Trend Line initiating a bearish move;
Entry Trigger:
Break of ascending trendline;
Stop Loss:
A few pips above breakout candle's high;
Target Profit:
1.2000 Key level;
Trade Management:
Set and Forget
Trade closed: target reached:
+3.47R