After long downtrend the pair seems to have find a bottom. We can see that it has formed a flat since the end of June but RSI gains strength. Now, MACD also confirms that the pair is ready for a leg up. The area 1.265 would be a good place to take profits as it is not only near an area of resistance but will face the 50 MA
On the 4H chart we can see how the pair is gaining strength in RSI. If it goes above the 50MA and holds, that would me my signal to enter long
On the 4H chart we can see how the pair is gaining strength in RSI. If it goes above the 50MA and holds, that would me my signal to enter long
Comment:
Very very choppy action. We might have a period of consolidation. Probably best to look for better trading opportunities