Long term trend: Down
Medium term trend: Up
Significant Levels: 0.9540 (Horizontal Resistance), 0.9370 (Horizontal Support), Fibonacci Retracement
The market respected the Support Line and is now resuming its trend which is up. We are still bullish with this currency pair. Though the market is currently going up, we did not get any obvious Bullish Price Action that formed on the support line. Also, the Oct-15 bar is a large bearish candle and closed near the support line. We could not trade against this one and place our Long trade immediately. We need to look for an obvious setup that we would like to trade. It would be a good opportunity for us if the price goes back down to the support and respect it again, in addition to the bullish price action that we will trade. For now, we wait.
Trade well.
Medium term trend: Up
Significant Levels: 0.9540 (Horizontal Resistance), 0.9370 (Horizontal Support), Fibonacci Retracement
The market respected the Support Line and is now resuming its trend which is up. We are still bullish with this currency pair. Though the market is currently going up, we did not get any obvious Bullish Price Action that formed on the support line. Also, the Oct-15 bar is a large bearish candle and closed near the support line. We could not trade against this one and place our Long trade immediately. We need to look for an obvious setup that we would like to trade. It would be a good opportunity for us if the price goes back down to the support and respect it again, in addition to the bullish price action that we will trade. For now, we wait.
Trade well.