Weekly Timeframe shows that Higher Low levels of 1.16100 have not been breached thus the Bullish trend may still be intact and what we are seeing is a major correction. Granted there is a break in the major trendline however current bearish momentum is unsustainable without a major pullback which we can capitalize on.
Of course, momentum is on the side of the bears but Daily RSI is in oversold levels indicating an imminent shift in position. Will look to trade this pair by analyzing the 4 hour timeframe, recognizing any major shifts in momentum and trading in confluence with candlestick patterns that may arise.
Potential long opportunities between 1.17700-1.18500 where we can see a potential reversal of momentum.
Short Term Trade
SL: 1.17400 (Below significant level)
TP: approx 1.21050 (Below potential reversal point according to bearish trendline)
Potential RR: 4.98
Long Term Trade
SL: 1.16050 (Below Higher Low)
TP: 1.25400 (At -0.27 fibonacci level)
potential R:R is 4.66
Of course, momentum is on the side of the bears but Daily RSI is in oversold levels indicating an imminent shift in position. Will look to trade this pair by analyzing the 4 hour timeframe, recognizing any major shifts in momentum and trading in confluence with candlestick patterns that may arise.
Potential long opportunities between 1.17700-1.18500 where we can see a potential reversal of momentum.
Short Term Trade
SL: 1.17400 (Below significant level)
TP: approx 1.21050 (Below potential reversal point according to bearish trendline)
Potential RR: 4.98
Long Term Trade
SL: 1.16050 (Below Higher Low)
TP: 1.25400 (At -0.27 fibonacci level)
potential R:R is 4.66