Hello Traders, We have a situation whereby there are multiple confluences for this bullish move. To start with, on the monthly chart, we can see that price is retracing while forming an 'M' pattern which will complete at the monthly demand orderblock which is a 'W' pattern. This simply means that we should expect bullish price movement. On the weekly chart, we...
Pattern: Channel Up on 1D. Signal: Buy as the price broke above the (former) 1.03170 Resistance as well as the Lower Highs trend-line. Target: 1.0400 (the next Resistance). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
ENTRY: 1.03800 TP: 1.03400 TP2: 1.03000 TP3: 1.02700 SL: 1.04400 Chart time frame - 1D Time for reaching TP - 1-2D Follow, Like, Share or Comment Thanks on supporting! All best!
Pattern: Descending Triangle on 1W. Signal: Bearish as the price is near the 0.618 Fibonacci retracement which is typically a rejection level on this pattern. Target: 1.000.
Pattern: Rectangle on 1D. Signal: Scalping within the 1.0087 Support and 1.0165 Resistance. Target: 1.0150 for long and 1.0090 for short.