Got a few pairs on my radar this week, but first on top of my list is this pair for potential long opportunity. After price broke above both daily and weekly above a previous level of support/resistance (the green box with red border), I'm looking to buy this pair for a potential retest of the 1,36 area (previous level of resistance on the weekly + a monthly resistance level right above it, where I'd expect a relief if price moves up to that area).
So I will be looking at the black arrows scenario, with a retest of the broken level of resistance and a continuation to the upside. However, if prices keeps pushing down and break below that resistance area, I'd then switch to a bearish biais and will be looking to sell this pair instead for a potential retest of the 1,3080 as first target and 1,2860 (previous level of weekly support).
Have a great week in the markets. Trade YOUR plan and plan YOUR trades !
So I will be looking at the black arrows scenario, with a retest of the broken level of resistance and a continuation to the upside. However, if prices keeps pushing down and break below that resistance area, I'd then switch to a bearish biais and will be looking to sell this pair instead for a potential retest of the 1,3080 as first target and 1,2860 (previous level of weekly support).
Have a great week in the markets. Trade YOUR plan and plan YOUR trades !
