Been watching this pair for a while and I believe it's extremely bullish for the following reasons:
1) The last 2 months have been bullish therefore the past couple of weeks have been filled with bullish candles.
2) The daily chart has been producing higher highs and lows indicating that we are in a nice uptrend.
3) We've broken key areas of resistance with ease, the most recent area at 114.00s has been violated after a few rejections - more confirmation as today's daily candle closes above this area.
4) On the 4 hour, we've been forming higher lows and highs and price has broken the counter trend line and violated previous structure highs - the most recent bar was a bullish engulfing taking out the last 8 hours of price action.
5) All EMA/MAs are lined up on 4 hour, daily and weekly time frames.
1) The last 2 months have been bullish therefore the past couple of weeks have been filled with bullish candles.
2) The daily chart has been producing higher highs and lows indicating that we are in a nice uptrend.
3) We've broken key areas of resistance with ease, the most recent area at 114.00s has been violated after a few rejections - more confirmation as today's daily candle closes above this area.
4) On the 4 hour, we've been forming higher lows and highs and price has broken the counter trend line and violated previous structure highs - the most recent bar was a bullish engulfing taking out the last 8 hours of price action.
5) All EMA/MAs are lined up on 4 hour, daily and weekly time frames.
Comment:
Target missed by 2 pips - waiting for it to continue up.
Trade closed: target reached:
245 pips profit - great move.