GU previously attempted to break above the 1.37 key resistance zone on Thursday's session (21th Jan), but then quickly probe back below the 1.37 range on Friday indicating short-term bearish sentiment in the market. In today's session, I will be favoring short-term selling opportunities by monitoring the price action, there are two scenarios that I am looking at
1. Bearish rotation/ rollover at the 1.37 resistance zone, if GU find no buyers' momentum pushing upwards, we could temporarily see sellers taking over, that could send GU towards 1.3620 & 1.3540 support zones. Be aware that GU also could re-visit 1.3740 resistance zone for a double top reversal setup (Bearish)
2. For any bullish continuation setups to validate, we need to see price breaking above the 1.3740 resistance zone. Avoid any breakout setups if price is just chopping within the wide range (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Bearish rotation/ rollover at the 1.37 resistance zone, if GU find no buyers' momentum pushing upwards, we could temporarily see sellers taking over, that could send GU towards 1.3620 & 1.3540 support zones. Be aware that GU also could re-visit 1.3740 resistance zone for a double top reversal setup (Bearish)
2. For any bullish continuation setups to validate, we need to see price breaking above the 1.3740 resistance zone. Avoid any breakout setups if price is just chopping within the wide range (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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Friday's (22th Jan) analysis
