Test of trend line resistance.
Updated
Looking on 4 hour chart
We can see 50 EMA acts as support but the test of the 150 EMA is causing resistance - this being the case there is not much range between the two EMAs.
Looking at the 1 hr chart a head and shoulders formation was respected and price broke the trendline resistance. A small pull back was noted but price closed above the trendline. Price also used both 50 and 150 EMA as support.
I anticipate price to have a slow and very choppy bull run to the 1.24 zone but think this will take a good few weeks to come about.
Awaiting test of trendline resistance before entering any trade for the day.
We can see 50 EMA acts as support but the test of the 150 EMA is causing resistance - this being the case there is not much range between the two EMAs.
Looking at the 1 hr chart a head and shoulders formation was respected and price broke the trendline resistance. A small pull back was noted but price closed above the trendline. Price also used both 50 and 150 EMA as support.
I anticipate price to have a slow and very choppy bull run to the 1.24 zone but think this will take a good few weeks to come about.
Awaiting test of trendline resistance before entering any trade for the day.
Trade active
Analysis was spot on bias = BUY
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