Long term trend: Down
Medium term trend: Up
Significant Levels: 0.9650 (Horizontal Support), 0.9790 (Horizontal Support)
Yesterday's candlestick was a Bullish Pin Bar rejecting the uptrend and support line. The support line was rejected twice now. This indicates that the market does not want to go further below that level. It is a good opportunity to go Long now and place a Stop Loss below the tail of the pin bar or the support line. One thing to note here is that the resistance is near and the price might be stuck in it. Though this is the case, it is more probable that the price will break above this resistance. Therefore, the target profit could be placed at the resistance (for a more conservative approach) and for those aggressive traders, the target profit could be placed above the resistance where your risk/reward ratio could be maintained.
The bottom line here is that this pair is in an uptrend and we should go Long near the significant levels after the price tells us to. Trade well.
Medium term trend: Up
Significant Levels: 0.9650 (Horizontal Support), 0.9790 (Horizontal Support)
Yesterday's candlestick was a Bullish Pin Bar rejecting the uptrend and support line. The support line was rejected twice now. This indicates that the market does not want to go further below that level. It is a good opportunity to go Long now and place a Stop Loss below the tail of the pin bar or the support line. One thing to note here is that the resistance is near and the price might be stuck in it. Though this is the case, it is more probable that the price will break above this resistance. Therefore, the target profit could be placed at the resistance (for a more conservative approach) and for those aggressive traders, the target profit could be placed above the resistance where your risk/reward ratio could be maintained.
The bottom line here is that this pair is in an uptrend and we should go Long near the significant levels after the price tells us to. Trade well.