Long term trend: Down Medium term trend: Up Significant Levels: 0.954 (Horizontal Support), 0.972 (Horizontal Resistance), Uptrend Line
The trend of this currency pair is stronger than before. The trend line is steeper now compared to the previous uptrend that formed. Price is currently in the middle of the support and resistance, therefore, no trade for now. If the price goes down to the support, it would be a good time to place a Buy trade. No selling for this currency pair. The uptrend is clear that we don't want to go against it.
Recently, a Large Bullish bar was formed, followed by a Large Bearish bar (though not as large as the bullish one). This indicates that a strong move cannot be sustained for an extended period of time. Therefore, every time the price goes down, it would be a good opportunity for us to place our trade.
It would be best if the price will touch the Horizontal Support again, then form a Bullish Price Action. That would be the time we would place our trade.
Trade well.
Comments
ZaloRostam
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I think now is time to place long position,what do you think investor?
Investor.Unity
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For an aggressive trader, it would be a good time to go Long now. But if you're a conservative one, the close of today's bar would be critical. Though, as of now, the price is somehow respecting the trend line, we need more confirmation that the price is ready to go up. If today's bar closes at the top of the trend line, it would be great to go Long. Also, consider the broken support which is now a resistance. If you put a Long trade now, the price might struggle on that resistance before making another big move.