Retracing Bearish for the LONG Bullish RUNDrawing from our analysis of this pair in the past few weeks, we have seen this pair show considerable movement in both directions: bullish and bearish, especially on the 1 hour and 4 hour timeframes.
With the spike across all USD crosses last Friday, this pair, like all other USD crosses, lost its bearishness and u-turned bullish on the 1 hour and 4 hour timeframes.
Today, we will look at it from the 4-hour perspective.
On the 4 hour, we see the market in a Bullish PB. The market has made a high and has begun to pullback into the PB. We expect this bearishness to hold, believing that the retracement will bring prices into our zone, from which we would look to take a LONG trade all the way up to the top.
Did I say "All The Way Up...?" Just kidding guys. The up move is expected to last long enough to hit the 4-hour liquidity target marked out towards the top of the chart.
We will monitor as prices unfold and look to make the most of the trading opportunity when we find one.
