The price is going close to important price level where we can see it bounced 3 times and now resistance could become support.
Along with trendline showing an important cross point.
All this in the week of NFP could become nice trading opportunity
Since March the pair is in channel, indicated with blue lines (marked on daily TF)
For a week the channel has been broken and this Friday the price reached the channel boundaries again, which indicate of bearish move (retracement of the channel)
There are further indications about this:
1. The price is in 50-61.8 retracement
2. The zone already act as support...
The EURUSD is in a channel, with the last news from US (NFP low figure) the price shoots and reach 50% retracement of the down move.
I would expect the price to retrace another 50% of the up move where it would hit the major support-resistance-resistance and again support level.
I will look for buy opportunities in the next days if the price hit the those levels.
1. Good bearish trend for couple of weeks
2. Price is in a range for couple of days then today (yest already) it break out the range
3. Bounce of the range and fell down forming a good zone of no supply at 1.1280
So I would put a pending sell order on 1.12787 with stop loss on 1.13000 , and TP just above the 1.1178, which is a zone of on supply back in march
Support becomes a resistance
I would also watch out for engulfing patterns and increasing on the volume (which could happen next week on US NFP)
There is also possibility the pair to shoot up from this zone and could retrace before continue up
See previous idea:
The pair is still in the down trend (looking the daily chart)
Also we are really close to the levels of 11 Feb where the volume has massive spike forming a level of supply
On the 31 March the volume is again massive, even though the price move is not big at all, indicating accumulation and on the next 5 days the price is heading south.
I would watch level of...
The price is near to lowest point of a range, this levels has been supported 2 times before and today it was third time.
I would place Buy Limit as displayed and will get half of the position between 112.32 and 112.47 and I will move SL to BE
GBPUSD is close again to important key level. As you can see previous support becomes resistance
So here there are 2 scenarios:
1. The pair could bounce again from that level and will go down
2. I could break it, then bounce back to it and continue up
I can't say what is more likely to happen, but we need to watch out for this levels
I would expect the pair to go up to 164.770 where it will hit:
1. 50% fibonacci
2. Demand zone (marked in red rectangle) from mid Feb (could be seen better on H1)
3. Previous support becomes resistance
I will look for high volumes around 164.770 up to 166.0 and signs of weakness.
On the way down:
First target could be 50-61.8% FIbo of the up move which...
Here is the idea
1. The price hit supply area. On 1H chart the volumes are higher too
2. The price hit 50% - 61.8% retracement level. It jumped quite nicely on 50% exactly on 5 min chart
3. The trend is up and right now the price hit the support line
4. Divergence from Stoch
5. Stoch is in oversold area (I don't rely much on this signal)
TP: demand levels.