Price has just broken a very strong level of Daily Resistance. We can see this pair retrace back over the next couple of days. This Structure zone has held as support and resistance in the past so we can expect a bounce out of it. If we do retrace back then we can further confirm this with a fib retracement from our newly created highs. I will also be looking for overbought conditions on the stochastic or RSI with possible divergence as we are already showing hidden divergence of the whole move. Our first targets will be at the next level of 4 hourly structure and then second targets at the next level of daily structure. If we get a clean break then we will be looking at third targets at the weekly Trend line and possibly at the weekly structure above.
Will post another update if we get a retracement, i will also show my entry and my stop.
Please no one take this as finanacial advice as these are my personal interpretations of the market movements and this falls in line with my own personal trading plan, this is simply an idea to share with everyone as i am trying to improve.
Will post another update if we get a retracement, i will also show my entry and my stop.
Please no one take this as finanacial advice as these are my personal interpretations of the market movements and this falls in line with my own personal trading plan, this is simply an idea to share with everyone as i am trying to improve.