In the daily graphs we can observe the price moving between the two daily trend lines which creates triangle.
As the increasing trendline is strong for now, we are most likely to seek the Long position in this pair.
At the best scenario we will look for the price close daily above the previous major high of 194.900, if yes after a little retest we can come up to at leass to the decreasing trendline to 197.000 levels. So after breaking above and reaching to that point we can see a pull back to the previous resistance level to be turned into new support and after buy confirmation we can look for another highs which were previous daily resistance zones 198.800 and 199.800.
On the other scenarios as shown on the chart we can either make the decreasing trendline a strong resistance zone and come back to the previous strong daily resistance zones of 189.200.
Let's see and observe what opportunities the market will give us.
Good Luck!
As the increasing trendline is strong for now, we are most likely to seek the Long position in this pair.
At the best scenario we will look for the price close daily above the previous major high of 194.900, if yes after a little retest we can come up to at leass to the decreasing trendline to 197.000 levels. So after breaking above and reaching to that point we can see a pull back to the previous resistance level to be turned into new support and after buy confirmation we can look for another highs which were previous daily resistance zones 198.800 and 199.800.
On the other scenarios as shown on the chart we can either make the decreasing trendline a strong resistance zone and come back to the previous strong daily resistance zones of 189.200.
Let's see and observe what opportunities the market will give us.
Good Luck!
Trade active
We are already in profits. Closed half of my profit and still waiting to touch the descending trendline!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.