In yesterday's analysis, I expected GU to respect the upper trendline as the momentum has clearly shifted from bullish to bearish in the short-term, with 1.3620 support zone as the target, which was exactly what the market performed. On Monday (1st Feb), I called a bearish reversal at 1.3740 key resistance zone as GU was forming an ascending pattern with failure to push through it. Tuesday (2nd Feb) was when I mentioned there was no clear resistance structure to guide our short entry, I plotted out the 0.5 fib from the high expected market to test it then selloff towards 1.3620 support zone. I will link all of these forecast in the comment section below.
In today's trading session, I will be using the 18, 50 & 200ema to identify the momentum shift in GU. Currently price is below crossing below all the short-term & long-term moving averages, indicate sellers' in control. I will be favoring short-term selling opportunities today with the upper trendline & EMAs as the entry guide. Targets will be 1.3620 (yesterday's low) & 1.3540 key support zone. However, if price begins to show bullish momentum grinding above the trendline, that will invalidate the short setup. Do not forget the overall trend on the higher timeframe remains bullish, I'm only trying to capitalize on the short-term bearish sentiment.
Flexibility is the key. Trade safe.
Do follow my profile for daily fx forecast & educational content.
In today's trading session, I will be using the 18, 50 & 200ema to identify the momentum shift in GU. Currently price is below crossing below all the short-term & long-term moving averages, indicate sellers' in control. I will be favoring short-term selling opportunities today with the upper trendline & EMAs as the entry guide. Targets will be 1.3620 (yesterday's low) & 1.3540 key support zone. However, if price begins to show bullish momentum grinding above the trendline, that will invalidate the short setup. Do not forget the overall trend on the higher timeframe remains bullish, I'm only trying to capitalize on the short-term bearish sentiment.
Flexibility is the key. Trade safe.
Do follow my profile for daily fx forecast & educational content.
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