Possible swing for this pair and target and stop losses. Reason for long will be provided below:
1) double bottom formation
- As you can see from the chart, valid double bottom form around 80.00. Reason being the closing of the price doesn't break the previous low. This gives us a confluence in supporting that ...
potential for long
1) strong trendline support.
-There's few false breakout in between trendline which suggest a strong trendline.
2) Candle hasn't broken through the trendline and resting nicely on the trendline itself.
3) Currently found support on 61.8% retracement.
4) Ema 200 suggest bullish bias
Reason for long :-
- EMA 200 is under the zone indicating its in bullish trend
-Bouncing on the key support zone (38.2) which if we look left, shows a traces of previous structure
- Bullish flag pattern form
- If there's a bullish candle close on the next day which breaks the red line, potential to go long on 1st ...