currently We can expect 2 possible scenarios from this ccy pair
1. As seen on the 1H timeframe, we can see a double bottom to be formed (which can be confirmed if the uptrend continues and breaks the neckline + channel support - then we can confirm a trend reversal)
2. The downtrend might continue if price breaks the 61.8% fib retracement of 141.357
A downtrend is also likely to be possible because if we look at the larger timeframe i.e 1D, we can see a breakout from consolidation upwards and now the ccy pair is looking for a retracement which may be down to the previous resistance of the consolidation phase.
What I will do now is to wait for further confirmation from the market. To check on the 1H timeframe to see where does the 1H candlestick closes. If it closes below the 61.8% retracement, I will go short and target the consolidation phase's resistance.
If 1H candle stick breaks the neckline, I will go long and target the uptrend channel's resistance
1. As seen on the 1H timeframe, we can see a double bottom to be formed (which can be confirmed if the uptrend continues and breaks the neckline + channel support - then we can confirm a trend reversal)
2. The downtrend might continue if price breaks the 61.8% fib retracement of 141.357
A downtrend is also likely to be possible because if we look at the larger timeframe i.e 1D, we can see a breakout from consolidation upwards and now the ccy pair is looking for a retracement which may be down to the previous resistance of the consolidation phase.
What I will do now is to wait for further confirmation from the market. To check on the 1H timeframe to see where does the 1H candlestick closes. If it closes below the 61.8% retracement, I will go short and target the consolidation phase's resistance.
If 1H candle stick breaks the neckline, I will go long and target the uptrend channel's resistance
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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.