We will be looking into 1D chart to look for our next move on this pair.
First we have to say that we are still in long term descending channel on 1W chart and we have shorter term (since March) ascending channel on 1D chart. Where are we now? we are close to upper line of both channels and we have to see how the pair is going to react to two
strong resistance lines and that will determine its future.
we expect continuation to the upper line of 1D channel, after huge accumulation we witnessed in second quarter of this year,
which is going to put on the test 1W channel.
Our simpler view is that we expect price to go to 71.000 and than 72.000 where will be our TPs.
Facts:
- Ascending channel on 1D chart
- Ascending trend line on 1D chart
- rejected support line on 69.000
- Double bottom formation
Good enough for us to go into the trade but since we have to respect long term formation we will put TPs in respected levels.
If you like this idea, please LIKE it and leave a comment below.
As a reminder, please, for your protection, apply 1-2% risk management policy.
Check our other ideas as well.
Best of luck and profitable week to all!
First we have to say that we are still in long term descending channel on 1W chart and we have shorter term (since March) ascending channel on 1D chart. Where are we now? we are close to upper line of both channels and we have to see how the pair is going to react to two
strong resistance lines and that will determine its future.
we expect continuation to the upper line of 1D channel, after huge accumulation we witnessed in second quarter of this year,
which is going to put on the test 1W channel.
Our simpler view is that we expect price to go to 71.000 and than 72.000 where will be our TPs.
Facts:
- Ascending channel on 1D chart
- Ascending trend line on 1D chart
- rejected support line on 69.000
- Double bottom formation
Good enough for us to go into the trade but since we have to respect long term formation we will put TPs in respected levels.
If you like this idea, please LIKE it and leave a comment below.
As a reminder, please, for your protection, apply 1-2% risk management policy.
Check our other ideas as well.
Best of luck and profitable week to all!