In yesterday's analysis, I expected GU to have some bearish rotation towards the downside (below 1.37 zone) showing some short-term bearish sentiment, which was exactly what the market performed. Today's session will be mainly focusing on short-term selling opportunities, there are two setups that I am looking at
1. A continuation towards the downside with 1.3625 & 1.3548 support zones as targets. To activate the short setup, I need to see a clear breach of the current flag/ exhaustion pattern (Bearish)
2. If we notice further buying momentum breaking above the 1.37 resistance zone, avoid taking any breakout setups unless 1.3740 key daily resistance is clearly violated. If price shows momentum breaking 1.3740 I will be looking for potential break & re-test setup (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. A continuation towards the downside with 1.3625 & 1.3548 support zones as targets. To activate the short setup, I need to see a clear breach of the current flag/ exhaustion pattern (Bearish)
2. If we notice further buying momentum breaking above the 1.37 resistance zone, avoid taking any breakout setups unless 1.3740 key daily resistance is clearly violated. If price shows momentum breaking 1.3740 I will be looking for potential break & re-test setup (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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