Hello Traders,
This pair was down on Friday even when USD was up most of the day. This is because 3150 zone is a strong resistance zone which is the area of previously broken daily trend line. I don't want predict anything for long term but for a short term trade, I will be looking to buy this pair around 1.2950 area.
This area is confluence of 4 hour trend line support, previous structure support and 61.8 fib of last low and high. Also, RSI is making a divergence. I will be looking for 100 to 120 pip profit with 55 pip stop loss.
Good Luck!
Price failed to break the strong resistance.
This pair was down on Friday even when USD was up most of the day. This is because 3150 zone is a strong resistance zone which is the area of previously broken daily trend line. I don't want predict anything for long term but for a short term trade, I will be looking to buy this pair around 1.2950 area.
This area is confluence of 4 hour trend line support, previous structure support and 61.8 fib of last low and high. Also, RSI is making a divergence. I will be looking for 100 to 120 pip profit with 55 pip stop loss.
Good Luck!
Price failed to break the strong resistance.