This pair is looking very interesting as I have a possible potential long and short setup.
This pair is technically still bullish and that is my long term bias however there is
a long term descending trend line in which a double top formation was made at this S/R level as price failed to make a higher high. In addition on weekly chart a few weeks back we had a...
My long bias comes from briefly viewing the bigger picture i.e daily, weekly etc which displays clear lower highs and higher highs so in turn very bullish sentiment.
I have then zoomed into the 4hr and found a very simple setup.
Price has made continuous HH and LH within the ascending channel and broke the first counter trend line retested made a higher high than...
We have a falling channel displaying lower highs and lower lows. This comes after price breaking a significant support level and retesting as resistance signalling very bearish momentum.
I entered at the break and retest of the CTL within the channel. If you missed this entry another place you can enter is a possible pullback to the descending TL targeting the 0.63 area
On the daily we are making consistent higher lows as price previously broke the strong descending TL and resistance level in style in which it retraced to be rejected at support around the 0.95 area suggesting bullish intentions.
Our 1st target is at the 0.98 level however we will like to see the pair reach the 1.0000 level which is not only a psychological level...
Overall bias is short however we have two scenarios here.
One is price could rally to the 0.66 resistance area to complete the right shoulder before declining
Two is price could just plummet straight down to target
Either way my targets are set at the 0.65 area
Here we have a rising uptrend channel with a continuation pattern within channel (Inverted H&S/Triangle pattern).
There has been 3 failed attempts to break resistance however buyers has proved to be in control in 4th attempt.
In addition there is a potential ABCD formation with the AB leg already fulfilled the CD leg looks like it will be playing out towards the...