The pair closed the previous month with some strong bullish momentum making a move from 104.60 area to 107.00, then retraced a bit to 106.00. This strong momentum broke through very strong resistance trendline which held several times in the last few months and now we can expect that this resistance is turned to support trendline. Our expectations for the pair are bullish so we may look to take long positions buying the dips as long as the price is above the green trendline, which we believe now is already turned to support line.
We will pay close attention to the test of the support trendline around 106.00 where Monthly PP is also located (106.06), so we believe that the bulls will kick in in this area and push the price higher to at least 107.00. The area around trendline and Monthly PP represents also a Psychological round number so we may expect additional buy orders. Our analysis of the market will not be valid anymore if the price will close below trendline in the 4 hours/Daily chart.
We will pay close attention to the test of the support trendline around 106.00 where Monthly PP is also located (106.06), so we believe that the bulls will kick in in this area and push the price higher to at least 107.00. The area around trendline and Monthly PP represents also a Psychological round number so we may expect additional buy orders. Our analysis of the market will not be valid anymore if the price will close below trendline in the 4 hours/Daily chart.
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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.