The pair is trading @ 1.4088; yesterday it went up to 1.4160 from 1.4052; so yesterday movement is almost nonexistent at this time; open interest went up yesterday as the pair went up, so I am getting convinced that the ranging period is going to end in another bullish movement; yesterday data were supporting this kind of trend, but something is not working or @ 1.41 or higher there is a huge bear ready to make is game; in the 4h chart if we consider the last low @ 1.3850 area, we see the pair is retracing just 23% today; it is still in the upper bollinger band, over the EMA, RSI@ 56; stochastic retracing bearish; I would say we have space up to 1.4060 to retrace, than we should see a blue bar...
here are some supports and resistances:
R3 1.4316; R2 1.4208; R1 1.4148; S1 1.4040; S2 1.3992; S3 1.3884
R3 1.4316; R2 1.4208; R1 1.4148; S1 1.4040; S2 1.3992; S3 1.3884
my trading plan:
buy now@ 1.4082;
stop loss @ 1.4040 (the low limit of the area 1.4060-1.4040, where I believe there is a huge support);
target 1.4200 or higher, will follow the development.
have a nice trading day
:D
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