Price has been moving in an Ascending Triangle Pattern for sometime now. There is major resistance at 1.6540 - 1.6557. A lot of Sellers are in this area. Bulls are pushing the price upward (Bullish Compression but now Price is below the Daily Pivot Point which makes this pair bearish. We have a confluence of support at 1.6440 which is holding the price. We have Three types of Support at 1.6440. Trendline support, Pivot Point Support and Horizontal Support. There are two Trade Ideas.
Trade Idea
First Idea (Buy)
This is my main plan. I'm Looking to buy at 1.6440 with Target TP1 at 1.6480 and Target TP2 at 1.6500.
Second Idea (Sell)
But If the weak support at 1.6414 is broken, I will prepare to sell this pair with First Target TP1 at 1.6400 and Target TP2 at 1.6390
Trade Idea
First Idea (Buy)
This is my main plan. I'm Looking to buy at 1.6440 with Target TP1 at 1.6480 and Target TP2 at 1.6500.
Second Idea (Sell)
But If the weak support at 1.6414 is broken, I will prepare to sell this pair with First Target TP1 at 1.6400 and Target TP2 at 1.6390