EJ Daily Analysis
Entry: 128
SL: 128.4
TP: 127.25
Daily: The Price is respecting the Downtrend. The pair has found support on 127.25 after a strong bearish move. A break above 128.5 would push the price upwards to 129.5 which match up with the trend line.
4H: The pair is currently in a downward channel. An upside break of this channel would see the retest of 128.5 resistance. On the downside, if the channel is respected, the price will move downwards to 127.25 & potentially 126. Wait for the more confirmation.
1H: If the price breakout of the channel it will retest the upper resistance 128.5. However if it respect the structure it will continue its descent towards the 127.25 mark. Wait for a more meaningful retest of resistance at 128.5 as the channel structure has been broken briefly.
SL: 128.4
TP: 127.25
Daily: The Price is respecting the Downtrend. The pair has found support on 127.25 after a strong bearish move. A break above 128.5 would push the price upwards to 129.5 which match up with the trend line.
4H: The pair is currently in a downward channel. An upside break of this channel would see the retest of 128.5 resistance. On the downside, if the channel is respected, the price will move downwards to 127.25 & potentially 126. Wait for the more confirmation.
1H: If the price breakout of the channel it will retest the upper resistance 128.5. However if it respect the structure it will continue its descent towards the 127.25 mark. Wait for a more meaningful retest of resistance at 128.5 as the channel structure has been broken briefly.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.