Potential entry at 0.7280
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 breached the 20 period Monthly EMA to the upside. No monthly resistance in sight.
Weekly
The pair had completely bullish on the weekly chart since June 2020. Very weak corrective retraces occurred.
Daily
The pair had been trapped in a range between strong daily resistance and support as provided by the shaded zones. Currently testing resistance that could turn support.
Recommendation
Monitor price action on the 4H chart for bullish ADX, MACD and the price over the 20 period EMA. Potential entry at 0.7280 for a risk free trade to the upside.
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 breached the 20 period Monthly EMA to the upside. No monthly resistance in sight.
Weekly
The pair had completely bullish on the weekly chart since June 2020. Very weak corrective retraces occurred.
Daily
The pair had been trapped in a range between strong daily resistance and support as provided by the shaded zones. Currently testing resistance that could turn support.
Recommendation
Monitor price action on the 4H chart for bullish ADX, MACD and the price over the 20 period EMA. Potential entry at 0.7280 for a risk free trade to the upside.