On August 20th ; Break upside 1.35 would give us even more confirmation going to 1.50. More testing of 1.14 could happens before, especially that for the last 3 days demand has weakened moving toward 1.28. But a break under 1.22 showing important supply would need to happens to show us confirmation of it.
---> NOW that the retracement to 1.14-.1.15 happened, what could be next.
Expecting a move upward to 1.75 and not considering any serious sell unless break under 1.02-.1.05 on heavy supply. Could have a retracement to 1.05 before anything and if I would see light supply when testing the area I could look for a buy position with a secure tp around 1.35 and higher only if a break that zone would happens on important signs of strength.
Idea gonna be updated as price moves.
Monthly
On the retracement of the HH that was made to 1.80, there's light supply that happened at the touch of 1.50.
Weekly
As for the weekly we can see that on the week of the 9th that price closed at the 1.35 area with a bullish engulfing on heavy demand. Then the following week testing the 1.05 area showing light supply with a wicking of the area, and the same is happening this week.
Daily
Re-accumulation characteristic cycle between 1.10 and 1.30. Even when price drop rom 1.30 on important supply a tough stop in action happens at 1.10, for then pushing it upward again.
---> NOW that the retracement to 1.14-.1.15 happened, what could be next.
Expecting a move upward to 1.75 and not considering any serious sell unless break under 1.02-.1.05 on heavy supply. Could have a retracement to 1.05 before anything and if I would see light supply when testing the area I could look for a buy position with a secure tp around 1.35 and higher only if a break that zone would happens on important signs of strength.
Idea gonna be updated as price moves.
Monthly
Weekly
As for the weekly we can see that on the week of the 9th that price closed at the 1.35 area with a bullish engulfing on heavy demand. Then the following week testing the 1.05 area showing light supply with a wicking of the area, and the same is happening this week.
Daily
Trade active
Comment:
Retracement to 1.18 can give good short scalping opportunities and on weakened supply around there would look for a buy entry
Trade closed: target reached
Did break under 1.20 as predicted, but not thinking for now it could retrace all the way down to 1.05. Started showing supply weakening around 1.09, which was a good signs to initiate buys around there. But what it's important to also monitor is that supply is putting an effort, so a test to lower area still an eventually. A break back upside 1.20 on a SOS would give us even more confirmation that the movement has in fact started.