After looking at this pair during our London Live Trading Room this morning, we were going through the IPDE process and we were narrowing down our kill zone looking for the best area to get involved with a trend continuation trade.
Now we have previous structure support looking left at 1.4500 even handle which now should become resistance. We all know that these psychological numbers are respected in the market.
But we also have lots of Fibonacci confluence in that zone too including 2 Fib 127 Extensions, a 1618 Fib Inversion and a 618 Fib Retracement from previous Swing High to swing low.
I will be waiting for market to push up to test this level and watching out for the RSI and maybe we will even get a retest of structure on a lower time frame.
If the stars align, then orders will probably be just below that even handle at 1.498
Aggressive entries and conservative entries shown on the chart.
www.tradeempowered.co.uk
Now we have previous structure support looking left at 1.4500 even handle which now should become resistance. We all know that these psychological numbers are respected in the market.
But we also have lots of Fibonacci confluence in that zone too including 2 Fib 127 Extensions, a 1618 Fib Inversion and a 618 Fib Retracement from previous Swing High to swing low.
I will be waiting for market to push up to test this level and watching out for the RSI and maybe we will even get a retest of structure on a lower time frame.
If the stars align, then orders will probably be just below that even handle at 1.498
Aggressive entries and conservative entries shown on the chart.
www.tradeempowered.co.uk