Looking for another buy after a little longer correction or breaking this small flag.
My buy positions are still open
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Chart is seen to be in a corrective phase, from daily (top-situated) channel within a bigger weekly channel.
Price might retrace to the 61.8 level, that is in confluence with both a strong support + Dominant angle trendline from the bigger channel. Then possibly see a break after some possible ranging, to the 61.8 extension level (also in...
So, NFP above expectations and fiber break thru main trchn support at 1.1249. From tech point of view we have plan B activated with main resistance at 1.1249-60 and tgt at year lows...
Beware wicked witch (aka D.T.) he can change everything in a moment... :))) Anyway, untill we stay under 1.1249 it is bearish, if bulls regain this lvl imho it is extra bullish time...
As mentioned in my previous post the pair broke below the rising wedge and failed to recover.
The ECB meeting today also disappointed with its dovish message and downgraded growth forecasts.
Also, the committee is launching TLTRO program soon which also increased the pressure on the pair.
My initial target for the rising wedge breakout is 1.1180 which is also...
Monthly and weekly trends bearish, meaning the market is pressing it downwards. In daily we see the 1.13 level tested and rejected once, because it was indeed a strong weekly level, so the it spiked up some 5k pips. Now we see that the 1.13 level is getting tested again, this time causing a congestion thereby. I'm sure these irregular movements, beginning from...
Trade entries: long positions over 1.1435 with fib extension targets at 1.1485 and 1.1500.
Alternative scenario: watch this pair for further downside below 1.1435, targets 1.1420 & 1.1400.
Indicator: The upside momentum of the RSI appears.
As you can notice in the chart, the macd signal line crossed the 0.0 level in uptrend and at the same moment the price broke out of the resistance line in uptrend. Placing SL at minimum support and Target price with 2.50 Risk - Reward ratio.GBP