(...bullish 'til 1.26, for the time being).
Price reacted with a rally in the demand zone (as seen better on monthly chart) and price began forming a downward channel (as depicted). Inside bars form, and price finds resistance at what used to be recent support. With a bullish bias shown by price, I anticipated a breakout to the upside, out of the channel and into the resistance. Price broke out, and I took the trade based on 1 hour chart price signal.
My target is 1.26 because even though 1.25 is a psych resistance, I don't see it as significant enough compared to 1.26 (if you take a look at a monthly chart, you'll see what I mean). Anyway, will be watching and trailing as needed.
Price reacted with a rally in the demand zone (as seen better on monthly chart) and price began forming a downward channel (as depicted). Inside bars form, and price finds resistance at what used to be recent support. With a bullish bias shown by price, I anticipated a breakout to the upside, out of the channel and into the resistance. Price broke out, and I took the trade based on 1 hour chart price signal.
My target is 1.26 because even though 1.25 is a psych resistance, I don't see it as significant enough compared to 1.26 (if you take a look at a monthly chart, you'll see what I mean). Anyway, will be watching and trailing as needed.