It looks as if oil dipped back lower on some critical levels. But the channel breakout looks like a false impulse and this pair looks to move up. Wait for the trend to reach the Monthly support level 1.267, watch out for a reversal candle on a higher time frame and a good entry on a 15 minute chart.
Target 1 = 1.30115
Target 2 = 1.31342
Like or comment your views and let have a happy trading session.
Watch the price action closely, this will be a long smooth ride up :-)
Its okay to move your stops to the next Support Resistance levels on a lower time frame.
Give a thumbs up or comment if you are in this trade. Thanks and Happy Trading. LEGGO
TP 1 Reached after J. Yellen's speech on Friday regards to US rate hikes. The US Dollar is likely to gain more strength following this announcement. Happy trading guys.
Trade closed: target reached:
The monthly resistance zone comes into play, we might have to hold for a candlestick confirmation to test the area