Nice risk reward trade idea off this current 1hr resistance which also lines up with the other pairs I'm looking at (AUDUSD pullback). Morning star formation on the 1hr so we should see price push up from current price!
Nice move up last night as expected so trade is running risk free and trading above that minor resistance I pointed out, Should see price tap into 0.99 where ill be taking some profit!
At the time of writing this I'm still bearish on the lower time frames but we are now seeing price push into an area of support of 0.7 and is well overdue for a correction back the the upside.
Price has been respecting that support of 1.13000 very nicely so I've taken another long from there, I'm holding my trade a risk free at the moment as price on the higher time frame does look very weak, so this upside move we are seeing now may just be the retracement before then going lower.
Looking for AUDUSD to make similar moves as EURUSD as we can hopefully get more weakness for the USD. So when price reaches the area of 0.71700 I will be looking for rejection and a push back up, if price breaks below the last higher low of 0.71500 this idea is invalid. Ill try update, and another reminder to always risk manage make sure you have a plan and stick...