This pair finally was able to break up and out of some major price structure resistance last week.
I am now looking for a drop back down to that level to see if it can act as support.
If we can get a decent support to form I'll look to get long at the level I've drawn as the push continues upward.
I've drawn out partial take profit levels on the way to my overall price structure target and placed a tight stop a few candles back from the current breakout we're seeing.
It could also be placed a few pips below the longer wick we see with the recent move up. If we fail to maintain support or if our bullish confirmations change, this setup may become invalidated.
I am now looking for a drop back down to that level to see if it can act as support.
If we can get a decent support to form I'll look to get long at the level I've drawn as the push continues upward.
I've drawn out partial take profit levels on the way to my overall price structure target and placed a tight stop a few candles back from the current breakout we're seeing.
It could also be placed a few pips below the longer wick we see with the recent move up. If we fail to maintain support or if our bullish confirmations change, this setup may become invalidated.