The market has made a new higher highs these days. There is a major resistance at the 51.75 level. But we can wait for a retracement level and then go for a buy. So lets wait and see what the market does in the coming hours. Hoping it can break the major resistance and make a new uptrend again.
The pair has been trading inside a range market in the 1hour time frame for quite a time now. There has been a break out in the resistance zone. So if the market comes and retests the broken resistance we can enter a long position. Lets see what the market does in the coming hours.
The pair is trading inside a triangle formation. We have tested the resistance level. So we can expect a sell rally if the resistance holds on. So we will have a tight stops and trade a short position. With good risk to reward ratio. So lets see what the market does in the coming weeks. Cheers!