GU appears to be bouncing off the downtrend line looking for upside potential. Gu is holding is ground above the previous trend line this is the 3 target prices we are looking at.
Confluences
- Price closed bullish for the last day candle, following FOMC
- Large inverted hammer on the 4HR chart, also printed on the 10 EMA
- Uptrend continuation, HL on 2HR chart
Hey guys, i'm bullish on this pair. I expect this pair to play out in either of the two ways shown in the chart. Incase those trendlines gets broken to the downside, my bias will change.
as we can see at October 18 this pair break up channel down pattern, and create a new pattern.
With smaller timeline, we can see a new channel down almost end. If this small channel break, bullish setup at :
opening : 1.2232
Stop loss : 1.2168 (64 pips)
Take profit at : 1.2378 (146 pips)
R/r ratio : 2.33
