Potential long at 1.2320 (risky)
Multi Timeframe Analysis
Monthly
The pair trended downward since Feb 2020 but had been retracing up since Nov 2020. It is close to the 20 period EMA and facing strong monthly resistance
Weekly
The pair had been on an uptrend since Dec 2020 with the beginnings of a red candle on retrace. The strong M1 resistance poses a challenge to further growth
Daily
The pair had creating higher highs without much retracement. On it’s last massive candle, there might be a potential entry at the 38.2% retracement at 1.2320. However do check for confluence of bullish signals at 4H as the lack of retracement might mean taking a long at the top of a trade
Monthly
The pair trended downward since Feb 2020 but had been retracing up since Nov 2020. It is close to the 20 period EMA and facing strong monthly resistance
Weekly
The pair had been on an uptrend since Dec 2020 with the beginnings of a red candle on retrace. The strong M1 resistance poses a challenge to further growth
Daily
The pair had creating higher highs without much retracement. On it’s last massive candle, there might be a potential entry at the 38.2% retracement at 1.2320. However do check for confluence of bullish signals at 4H as the lack of retracement might mean taking a long at the top of a trade
Comment:
Entry activated and in profit