On daily chart
the trend is still bearish
, and sincerely, we expected a completion of the bearish
impulsive structure slightly low (wave 5 around 0.6470/0.6450). At the same time we do not exclude that what we see on EW chart, wave 5 completed, it could be corrected, so if our analysis is correct, the pair should work the trendline
(resistance) in the short term, and reach our TARGET 1 around 0.6860 (see our bullish
setup on chart below) in the medium term. In conclusion, we want to consider this rally as a technical rebound, so our work will be focused on resistance (looking at the daily chart
) and on the supports (looking at intraday chart).
OUR BULLISH SETUP ON INTRADAY CHART
(Click and Play on chart below)
OUR STRATEGY IN PLAY: move stop loss to breakeven.
If you think this analysis can be usefu, please, leave a your comment or your LIKE!
Thank you for support and trade with care!