Last week GDT report gave fuel to this pair. And the trend is likely to change. On monday, correction should end, close to trend lines (which you see on the chart). It's a good place to enter long positions between 0.7240/0.7220 with TP around 0.7400.
It's not clear yet where that pair goes but at least we have important area to watch. Of course right now everything depends on the situation between North Korea and USA. So monitor the news and enter in proper time.
Price reached strong resistance (based on trend line):
So it is a good moment to open sell position with tiny SL just above peak (1.1150) or put sell stop right below support (1.1020).
The price has broken main support and is currently under correction (inverted flag). It gave us great opportunity to enter shorts positions when price touches the top line or (safer way) put sell stop below correction structure - 7.8650.
TP 7.6500, 7.3500 .
Last break above downtrend line gives hope for a change of sentiment. Right now the price is closing correction. It is also possible move a litte bit lower, around 4.00.
Suggests a split positions and follow the WASDE report today which will give us an answer what's next.
It seems that We have great opportunity for middle-term long position.
IF price break above previous high we should enter long with TP around 1.5500. So 600 pips in the game!
Get ready, put buy stop and good luck :) .
This uptrend since few months for me looks like correction before next down impulse. That's why I am prepare for 2 scenario.
Sell stop below trend line and sell limit close to the top where 0,61 fibo is. Right now as you can see we have strong resistance near 0,50 fibo.
TP's are on pic.
Bearish trend since few months is easy to observe. Now price reached main support. We should wait for
corrective movement to 0,7100 area. From there next downward impulse probably will start.
Target 1 is 0.6850.
Sl above previous correction (0,7230)
good luck !
As you all know I like to trade using this simple formation. Now we have next opportunity to good R:R ratio.
Price may reach 18.00 level or even 18.40 in this corrective structure. Be prepare and good luck.
Just remember - I suggest to close all positions before Wednesday FOMC !