Possible Buy Stop at 0.6480
Multi Timeframe Analysis
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Monthly
The pair trended upward since April 2020 and is now breaking the previously bearish 20 Monthly EMA. Strong monthly resistance is about to be tested (shaded box)
Weekly
The pair had been completely bullish on the weekly chart.
Daily
The pair had been making impulsive moves to the upside and had just retraced close to the 38.2% fibonacci at 0.6448. As there is no strong D1 resistance we can expect the pair to move up
Recommendation
Monitor price action on the 4H chart for reversal of bearish into bullish ADX, MACD. Price must go over the 20 period EMA. Potential entry at 0.6480
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Monthly
The pair trended upward since April 2020 and is now breaking the previously bearish 20 Monthly EMA. Strong monthly resistance is about to be tested (shaded box)
Weekly
The pair had been completely bullish on the weekly chart.
Daily
The pair had been making impulsive moves to the upside and had just retraced close to the 38.2% fibonacci at 0.6448. As there is no strong D1 resistance we can expect the pair to move up
Recommendation
Monitor price action on the 4H chart for reversal of bearish into bullish ADX, MACD. Price must go over the 20 period EMA. Potential entry at 0.6480