It is reaching the support level again and appear to be doing the same thing that it has done in the past, which is using it as a support for a bull run. The RSI is at 35, another sign suggesting a bull run. SL: .59659 and TP: .60402.
The general trend is upward but I’m placing a small (.15) short position because every time the there is slight resistance it’s usually followed by a long bearish candle. I’m looking to catch that bearish movement for a short gain
There appears to be a double top forming suggesting bulls are losing power. The D1 trend is downward and the H4 rsi is at 66 suggesting a overbought market.
The general trend on the H4 is downward. I place a sell limit @1.08096 with SL @1.08535 and TP @ 1.07280. I used a .25 lot size for this 1:1 RR. There also appears to be a slight head and shoulders pattern suggesting a continuation of the downward trend
This pair is on a downward trend and seems to be forming a shoulders and head pattern suggesting it will continue to trend down and retest at 1.21855. If it breaks through we can look at the next level of support.
