Monthly – bullish
Weekly – bullish
Daily – bullish, broke above previous highs already. Price above 200sma.
H4 – After the break out, price is pulling back. We have no idea where the pullback may terminate, but the support located around 2.2370 or preferably, the zone marked between 2.2212 – 2.21520 (or any other point in between) may hold price.
If there is no further pullback, I will not be interested in trading this pair for now. However, if price action develops as I anticipate, I will be looking for signs of a bullish continuation. My stop would be below the recent swing low and I will at first, target 2.2700 with the potential to extend much higher.
This is not a trade recommendation, merely my own analysis. Trading carries a high level of risk, so only trade with money you can afford to lose and carefully manage your capital and risk. If you like my idea, please give a “boost” and follow me to get even more. Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros