Multi Timeframe Analysis
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Monthly
The pair trended downward since July 2020 and started a retrace up on Jan 2021. The move to the upside faces formidable mostly resistance seen by the shaded areas beginning 105.880
Weekly
The pair had recently broken above the 10 period EMA on the weekly after a long bearish stint. It is currently ranging near M1 support. Counter trend line is forming
Daily
The pair had had been making impulsive moves to the upside and had just retraced to the 38.2% fibonacci at 104.920. As there is no strong D1 resistance we can expect the pair to move up
Recommendation
Monitor price action on the 4H chart for bearish ADX, MACD and the price over the 20 period EMA. Potential entry at 104.980. TP may be set at 100pips
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Monthly
The pair trended downward since July 2020 and started a retrace up on Jan 2021. The move to the upside faces formidable mostly resistance seen by the shaded areas beginning 105.880
Weekly
The pair had recently broken above the 10 period EMA on the weekly after a long bearish stint. It is currently ranging near M1 support. Counter trend line is forming
Daily
The pair had had been making impulsive moves to the upside and had just retraced to the 38.2% fibonacci at 104.920. As there is no strong D1 resistance we can expect the pair to move up
Recommendation
Monitor price action on the 4H chart for bearish ADX, MACD and the price over the 20 period EMA. Potential entry at 104.980. TP may be set at 100pips
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.
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.