1. Based on the previous post on this ccy pair, it hit the channel resistance as per expectation and now we can expect a retracement - this is because, on the 1H timeframe there are actually 2 strong bullish candles formed already.
2. Second scenario on what could happen is that the price will retrace back to previous high and go higher, breaking the channel resistance.
If we look at the larger timeframe i.e the weekly or even the daily, this ccy pair on the long term outlook is likely still to be bullish - hence do do proper risk management
What I will do now is wait to see if the second scenario comes true else will go short at the previous high
Do drop me a like and share with me your analysis in the comments below!
2. Second scenario on what could happen is that the price will retrace back to previous high and go higher, breaking the channel resistance.
If we look at the larger timeframe i.e the weekly or even the daily, this ccy pair on the long term outlook is likely still to be bullish - hence do do proper risk management
What I will do now is wait to see if the second scenario comes true else will go short at the previous high
Do drop me a like and share with me your analysis in the comments below!
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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.
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.