1H Downtrend coming to an end?
- Double bottom around 1.20721
- Higher low and lower high show no distinct direction, this consolidation may suggest a reversal to continue the higher timeframe trend.
- 8 EMA seems to be beginning to cross above the 21 EMA suggesting a bullish market.
- On the 4H the uptrend was slowing down suggesting lower demand as traders reduced their positions.
- No new lows on higher timeframe suggests bulls are still in control.
->Retested support/demand around 1.2 and remained above.
Side notes: The temporary downtrend was most likely a market response from positive USD NFP results which pushed the dollar bullish.
US CPI to be released this week, this is likely to affect this pair.
Conclusion: Bullish Bias
Looking to see price break above 1.20854 and retest it.
Alert set at 1.20897 for a buy entry
- Double bottom around 1.20721
- Higher low and lower high show no distinct direction, this consolidation may suggest a reversal to continue the higher timeframe trend.
- 8 EMA seems to be beginning to cross above the 21 EMA suggesting a bullish market.
- On the 4H the uptrend was slowing down suggesting lower demand as traders reduced their positions.
- No new lows on higher timeframe suggests bulls are still in control.
->Retested support/demand around 1.2 and remained above.
Side notes: The temporary downtrend was most likely a market response from positive USD NFP results which pushed the dollar bullish.
US CPI to be released this week, this is likely to affect this pair.
Conclusion: Bullish Bias
Looking to see price break above 1.20854 and retest it.
Alert set at 1.20897 for a buy entry