Price has been on a strong downtrend on the monthly & weekly time frame, although on the daily time frame we can see an uptrend.
Price has also closed above the descending trendline and is respecting the ascending trendline.
Will look to enter a 1:1 RR long position if price is able to continue further up, and then pull back for a retest of the support zone around 1.05900
___
Disclaimer: The content shared is for educational and informational purposes only and does not constitute financial, investment, or trading advice. I am not a licensed financial advisor. Any actions you take based on this content are done at your own risk. Past performance is not indicative of future results.
Price has also closed above the descending trendline and is respecting the ascending trendline.
Will look to enter a 1:1 RR long position if price is able to continue further up, and then pull back for a retest of the support zone around 1.05900
___
Disclaimer: The content shared is for educational and informational purposes only and does not constitute financial, investment, or trading advice. I am not a licensed financial advisor. Any actions you take based on this content are done at your own risk. Past performance is not indicative of future results.
Note
Idea invalidated since price did not close above the area of interest.
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.