Price broke its triangle pattern to the upside, now testing channel resistance. Price broke above its supply zone 109.400, lets see if price can break to the upside from here!
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bounce off daily support
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price below channel, could go bearish from here. Will be waiting for after NFP
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looking to add an entry on the pullback next week !
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If this pair closes above the zone its at currently, I will be looking to go long when the market opens
@tgc01, nice one, I have a very similar view, I believe it'll reach the top of the triangle & potentially break out or correct from there. Good analysis !
Domsax48
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Hmm... I just closed my long. The daily candle does not look so promising.
thesilverbullet
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I believe there is one more big leg down for the dollar before rallying for a couple. Mid Feb is going to be a time to make some great trades.
Profound_Ambition
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@thesilverbullet, yeah it could pullback to the downside, really just waiting for price action to give more confirmation. NFP will give me a better idea what to expect for the dollar overall I have a bullish bias for the US dollar in February/ march..
Profound_Ambition
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@thesilverbullet, 108.450 has been a good reversal zone in the past so lets see what happens! : )
thesilverbullet
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@eazywayout, as long as dollar index falls, which is what I was eluding too really, I don't care care :D . Tomorrow is a huge NFP!
Profound_Ambition
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@thesilverbullet, yeah agreed not really jumping into dollar pairs until next week, but if you check out dxy its sitting on monthly support 88.60
Check out my analysis - I went long at 108.9.
Let me know what you think.
Cheers