On the 4h chart, the pair is testing
V2 Zone and set a significant support area @ 107.8 with 3 rejections to the overall bearish move.
The pair still maintain a bearish bias with as EMA,200 > EMA,50 > EMA,13, although i do anticipate a bullish retracement for the coming week.
The pair is in a channel between the previous high (PH) and the previous low (PL), and i strongly think that the coming week will present a bullish opportunity as the pair looks to retrace up to the T2 trend line or even the R2 line (@109.119).
Trade set up
Entry: 107.864
S/L: 107.7
T/P 1:108.578 (@PH)
T/P 2: 109.119 (@R2)
V2 Zone and set a significant support area @ 107.8 with 3 rejections to the overall bearish move.
The pair still maintain a bearish bias with as EMA,200 > EMA,50 > EMA,13, although i do anticipate a bullish retracement for the coming week.
The pair is in a channel between the previous high (PH) and the previous low (PL), and i strongly think that the coming week will present a bullish opportunity as the pair looks to retrace up to the T2 trend line or even the R2 line (@109.119).
Trade set up
Entry: 107.864
S/L: 107.7
T/P 1:108.578 (@PH)
T/P 2: 109.119 (@R2)
Trade closed: target reached:
The pair is in its last wave of retracement and a continuation of the overall bearish move is imminent.