A very simple and nice break and retest set up. Just wait for the price to pull back towards our previous support level that would act now as a resistance level. Be patient and keep an eye on this pair.
After a series of bearish market structure the price now is consolidating waiting to continue to bearish or gaining its momentum to the upside. Our best case scenario is to buy at the support and sell at the resistance during this time. But if it breaks any levels then we are ready either way.
Just like with GJ price can either bounce from the support level then target the Daily High. Or breaks below the support to target the next previous low or any level of danger.
Either price could bounce back from the support level or breaks below it. So tomorrow in London session we can see its movement so it has momentum to go to our set up. If price happens to break below then look for next possible level of danger. But if it bounces from the support then our target is the Daily High of the Daily timeframe.
As the week is starting we can clearly see that the price is moving sideways and could potentially break above our previous resistance and be bullish til the target of 1.33000. But it can also reject the resistance by targeting the support level around 1.30600.
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Currently price is trading at a key level which is an S/R level. So now this level was tested multiple times as a support and a resistance. So now either price rejects it and target the 4h support level or breaks above it. Just be patient waiting and keep an eye on this pair.
The overall trend of this pair is still bearish however we are in consolidation period right now. So either wait for price to breaks below the support or join the buyers push price to the upside.
As the price is currently trading at the 1h S/R level we still wait for the price to reject it as the NY session opens. But then if it breaks above it we are more likely bullish so just be patient waiting.
Now that the price breaks above the 4h resistance level we then wait for a pullback to retest the resistance. But if it breaks below the resistance or breaks above the previous high then this set up is invalid.
Yesterday price fails to respect our set up so it was invalidated by breaking the S/R level and now rejected the higher resistance level where it was tested multiple times. So now as the price is trading at the support level we expect buyers to kick in and push it to the upside, but if price manage to break below the support wait for a retest.
As price is moving towards our support level it formed a pull back from the hourly S/R level where we anticipate that the price would react and reject it. But if it happens to break above it then we are not interested in shorting this pair.
The price now is in the resistance level after a bullish movement but still in a big picture price is moving sideways. So either it breaks above then wait for a retest or a rejection from the resistance.