Pretty clear structure, either waiting for the break of the channel or we wait for the break of the previous lows at daily support for the next wave lower.
So the Bullish TL from the March lows is still firmly in tact. But we need to break this resistance to push higher. The first target is pretty obvious, with the psychological 1.40 but technically, the first resistance after it breaks here is 1.44. Pull back area for the corrective sells also could be valid with sells below the 23.6% Fib level showing a valid...
Coming to a key area. We are now at Feb 2020 prices, pre Covid pricing. Has the pound really recovered to pre Covid levels? Here's the outlook, clear technicals. Bullish structure, HH's and HL's within the Ascending Channel. Looking for a pullback before, probably a further push through that resistance.
Should see the descending channel violated in line with the Inverse H&S and see a retest of the 61.8% level.
We're getting that 3rd touch from the March low's! Everything depends on 12,600 holding here guys.
Again 3 good confluences providing a reason to short EG, with the descending TL, 61.8% fib and daily resistance. Decent size drop available as well.
Really clear trade here. Daily timeframe clear resistance breached last week now just awaiting the retest
Clear descending channel in play here with price rejecting the breach last week. Do favour shorts but have the long bias to the long term 61.8% just in case.
Very bullish personally but as always we have both routes planned. Chart explains everything, 4hr close above resistance and we're in.
This really is as simple as charting needs to be. Really fancy the buy set up with 3 good confluences to take a minimum of a 1:8R
Should see further dollar weakness here, with the major descending TL trumping the short term TL. Also note this level of resistance at the 91.00 area. In theory, we've created a Lower High, and should now create a LL and test that weekly support, but watch how price reacts around the 61,8% area.
Descending channel, 61.8%, clear LH's and LL's. DXY also moving well, H&S formed for weak dollar.
All depends on how we react to the technical formation of the H&S.
May not be a trade for a week or 2 because it would be counter trend but here is what I'm looking for on EA. A move back to the top of the descending channel would be ideal following the push off this double bottom. It would give great confluence for a Sell entry as we have the bearish MS, descending channel, 61.8% fib area, weekly resistance, and that key 1.60...
No emotions, no if buts or maybes. Strict rules for good results
GU also very simple this week. Either we see the H&S play out or we see the continuation higher through the weekly resistance.
GJ is really simple this week, we need to see price break the resistance and we target the fib extensions. No patterns, just a simple break of structure. Same for shorts, a break of the ascending TL see's us retest the 61.
So, we're still in the long term descending channel and this is how I see structure playing out this week. We have the H&S potentially forming, with the daily resistance providing a solid area for price to reject and move down to form that right shoulder. That should see price push down to the short term 61.8% Fib.