Today’s analysis – UFTBUSD – trading within a defined range where a break of range high will lead to a continuation,
Points to consider, - Price Action Impulsive - Range Low Support - Range High Objective - Oscillators extended ‘ - Low volume
UFTBUSD’s immediate price action is impulsive, trading towards a key trade location that is in technical confluence with the Bullish OB and the Range Low – allowing for a bullish bias.
The Range High is current objective, exceeding this level increases the probability of a strong expansion.
The current volume profile is below average, an influx is highly probable when testing a true trade location, follow through must back up the expansion.
Overall, in my opinion, UFTBUSD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
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And remember,
“You never know what kind of setup market will present to you, your objective should be to find opportunity where risk reward ratio is best.” ― Jaymin Shah