Long term trend: Up
Medium term trend: Up
Significant levels: 110 (Significant Round Number), Horizontal Support (108.4), Invalidated Uptrend Resistance
Previously, we discussed the retracement (at 105.3) that we are looking for to trade here in this pair, but unfortunately, the retracement didn't happen. The trend is so strong that the price did not bother to look back. But after that, the price retested the 108.4 level, which is the Horizontal Support. For those who saw this retest, maybe they placed a Long trade and have a nice profit now. And currently, the price is still going up. Because of this, it is likely that the price will reach the 110 level, which is the Significant Round Number. It is probable that the price will consolidate in this area. The retracement we are looking for might occur when the 110 level is reached.
It is also indicated in the chart the Invalidated Uptrend Resistance. In the chart, it can be seen that before this Resistance was invalidated, the price struggled a bit before continuing to go up. And that invalidation bar is a Large Bullish candle, telling us that the market really wants to go up. In this scenario, the Bulls were really in control and are still in control.
For now, placing a Long trade would not be appropriate because the price is up and we don't want to chase it. We need to look for another retracement or retesting of a significant level before placing our trades. Be patient.
Trade well.
Medium term trend: Up
Significant levels: 110 (Significant Round Number), Horizontal Support (108.4), Invalidated Uptrend Resistance
Previously, we discussed the retracement (at 105.3) that we are looking for to trade here in this pair, but unfortunately, the retracement didn't happen. The trend is so strong that the price did not bother to look back. But after that, the price retested the 108.4 level, which is the Horizontal Support. For those who saw this retest, maybe they placed a Long trade and have a nice profit now. And currently, the price is still going up. Because of this, it is likely that the price will reach the 110 level, which is the Significant Round Number. It is probable that the price will consolidate in this area. The retracement we are looking for might occur when the 110 level is reached.
It is also indicated in the chart the Invalidated Uptrend Resistance. In the chart, it can be seen that before this Resistance was invalidated, the price struggled a bit before continuing to go up. And that invalidation bar is a Large Bullish candle, telling us that the market really wants to go up. In this scenario, the Bulls were really in control and are still in control.
For now, placing a Long trade would not be appropriate because the price is up and we don't want to chase it. We need to look for another retracement or retesting of a significant level before placing our trades. Be patient.
Trade well.