The pair has printed a bullish engulfing candle closing the day right at support. After breaking the descending trendline a few days ago the pair has been consolidating around the support area and now it looks ready to reverse to the upside.
Lets look at the 4H chart to see how I am planning to trade this pair. The pair is doing a bit of a pullback after not being able to break the resistance zone. If the pair breaks through it we an see an explosive move to the upside. A break of the highlighted horizontal line will also imply a break of the MA50 as the price is now being condensed between the MA50 (resistance) and MA200 (support).
Do you see different setups? Let me know in the comments!
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There was no entry trigger. Pair has left my watchlist