Two possible scenarios in GU on daily chart.
Scenario 1:
GU is currently at a support area, if it bounces and rejects the area of support,
we can look to long and
target 23.6% retracement at 1.37600 and 38.2% at 1.39000.
Scenario 2:
If GU manages to go lower, it may retest first support at 1.35113 area,
further down are 1.34301 and 1.33056 respectively.
Assuming price respects the trendline, the downtrend should
reverse at 1.3330 area. Look for confirmation and enter.
Good luck trading!
*Trade at your own risk.
Scenario 1:
GU is currently at a support area, if it bounces and rejects the area of support,
we can look to long and
target 23.6% retracement at 1.37600 and 38.2% at 1.39000.
Scenario 2:
If GU manages to go lower, it may retest first support at 1.35113 area,
further down are 1.34301 and 1.33056 respectively.
Assuming price respects the trendline, the downtrend should
reverse at 1.3330 area. Look for confirmation and enter.
Good luck trading!
*Trade at your own risk.
Comment:
Bias: Bearish. Look for an entry to sell around 1.36000 area. You can also sell now if you don’t want to miss out but manage your risk. Keep in mind NFP this Friday can dramatically move market in either way. Always practice money management.
*GU not yet bullish, beware of being trapped in a buy. Should retest immediate support first before confirming if bullish.
Will update if trade is active.