EJ Analysis 05/10/2020
We are currently trading in an 18 pip range and we have two options if we are looking for trades.
1) If we break above resistance at 124.655, and form support on lower timeframes, we can look for buy entries up to 125, however there are a few barriers along the way as we don't have clean traffic, so take profits are highlighted, and you should look to secure entries after 10 pips and manage risk accordingly.
2) If we break below support at 124.475, and form resistance on lower timeframes, we can look for sells down to 123.900, targets are highlighted and as traffic is cleaner, the range should be easier to fill and I would prefer sells over buys.
As we are in Asian session, look to secure entries at 10-15 pips just to be safe.
1) If we break above resistance at 124.655, and form support on lower timeframes, we can look for buy entries up to 125, however there are a few barriers along the way as we don't have clean traffic, so take profits are highlighted, and you should look to secure entries after 10 pips and manage risk accordingly.
2) If we break below support at 124.475, and form resistance on lower timeframes, we can look for sells down to 123.900, targets are highlighted and as traffic is cleaner, the range should be easier to fill and I would prefer sells over buys.
As we are in Asian session, look to secure entries at 10-15 pips just to be safe.
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