In the previous analysis (8th Jan), I expected GU to pullback towards 1.3550 support zone for the third rejection., followed by a violation of the trendline (exhaustion pattern) with 1.3620 as our target, which was exactly what the market performed. The overall direction remains bullish as long as 1.3540 key support zone holds. Will be looking for short-term buying opportunities for bullish continuation with 1.3620 as the initial target, followed by 1.3660 & 1.37. However, if we begin noticing bearish sentiment in GU, a breach of 1.3540 support zone could provide us short-term selling opportunities with a break & re-test setup, but do pay attention to 1.3479 price level. Do no forget the overall trend on the higher timeframe remains bullish.
Will keep it updated tomorrow during the Asia session. Trade safe.
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Will keep it updated tomorrow during the Asia session. Trade safe.
Do follow my profile for daily fx forecast & educational content.
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