The pair has been in a downtrend since September 2017, and may be nearing a concentrated area of resistance and support.
Watching for future Bullish pattern confirmations, into a clear uptrend before taking a long trade. The more bull patterns that simultaneously form the better :)
A breakdown of the lower channel/support line is still possible
Likely to become...
The Stop Loss Reverse position option increases risk and or losses but can be useful during volatile moments, Without volatility the strategy has less impact or probability of success. The latest election announcements created such an opportunity.
From a technical review of the weekly time frame, we anticipate a strong rally pending upcoming fundamental announcements.
Major announcements beginning 05/24 and 05/26, with more to follow next week. Anticipating a stable week opening and increased volatility near the week's close. Friday may determine overall direction for the next 3-6 weeks, Consolidation...
The pair has recently broke through 3 areas of support on multiple time frames. Bullish candle formations have recently appeared weakening possible resistance. Candle formations as conformations apply to all trade potentials on different time frames. Shorter time frames offer more potential false trends than larger time frames IMO
We are watching 3 areas of trend line support and resistance.
1 A bullish formation above of the current down trend line shortly after this weeks opening targeting the upper support/ resistance .
2 A bearish formation bellow the current inside/up trend line, targeting the lower support/resistance and/ or the outer/up trend line? *probable outcome based on...