-Market is clearly oscillating
- pulling back with clear deceleration
- More than 3 touches of the resistance line
-Ranging with the 20/50 EMA zone
Aiming for 3% with this trade only only risking a maximum of 1%
-Currently sitting under monthly support
-Made LH on 26th
-Sitting on upward trendline
currently looking for this setup on this pair and to see price go even lower to the next support line which is around the 109.000 area.
Remaining bullish with this pair atm, due to getting close to a previous resistance which was created back in may 2015 and was never broken. bit of a slow week with the market consolidating for most of it, but there could be a possible head and shoulders that might be forming. this is definatly a pair to look out for next week
If we see the price retrace down to the 61.8 retracement level the we should possibly see price break new highs and smash the 1.1700 area. long setup has been placed on the chart. you wanna wait for price to make a test of that 61.8 level and keep a close eye for price to use that area for a support.
since the middle of April we have seen this pair climb and climb looking at about a 254 pip increase which if you caught that you will be smiling. we could potentially see price consolidate again as you can see from the previous bits of price action from the uptrend which are highlighted in red, so if it does do that then look out for the breakout. another idea...