Although the pair maintains a bearish bias as EMA,50 is above the EMA,26, the key support level (S1) @ 109.119 is a has not broken since Jan 2019.
Due to this, the pair could potentially form a long term bearish pennant(shown by the green lines) before breaking out below the S1 level.
T2 is acting as the short term trend line support. as is the pair is supporting a double bottom narrative and could retrace initially to PH, followed by the EMA,50 and lastly the T1 trend line.
In conclusion, the overall long-term position of this pair in my view remains bearish, however, the T2 line together with the S1 support line and the potential double bottom formation, in the coming week, the pair can expect to see a short term bull run.
Trade set-up:
Entry : 109.119
S/L: 108.820
TP 1: 109.722 (@ the PH)
TP 2: 110.228
Due to this, the pair could potentially form a long term bearish pennant(shown by the green lines) before breaking out below the S1 level.
T2 is acting as the short term trend line support. as is the pair is supporting a double bottom narrative and could retrace initially to PH, followed by the EMA,50 and lastly the T1 trend line.
In conclusion, the overall long-term position of this pair in my view remains bearish, however, the T2 line together with the S1 support line and the potential double bottom formation, in the coming week, the pair can expect to see a short term bull run.
Trade set-up:
Entry : 109.119
S/L: 108.820
TP 1: 109.722 (@ the PH)
TP 2: 110.228
Comment:
The analysis remains, however the pair turned before the 109.119 level and therefore decided to enter at 109.472. Expecting the TP 1 level to be hit in the next two days.
Trade active
Trade closed: target reached:
TP 1 @ PH level hit