The pair has been on a long term downtrend for 2 years but just recently (September 30th) touched the 1M Support (holding since August 2015) and rebounded. This is an early buy signal for long term investors as 1D has moved into the first stages of a buy (RSI = 54.959, MACD = 0.002, ADX = 23.964, CCI = 75.4052).
On top of that, the 1W RSI pattern is a Triangle and that typically breaks to the opposite direction of the dominant trend (which in this case is bearish long term, so bullish break out is expected).
Traders who wish to follow a safer approach may wait until the long term Lower High trend line (dashed line) breaks and then enter their buys. In any case our Target Zone is the wide Symmetrical Resistance zone of 0.73000 - 0.75600.
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On top of that, the 1W RSI pattern is a Triangle and that typically breaks to the opposite direction of the dominant trend (which in this case is bearish long term, so bullish break out is expected).
Traders who wish to follow a safer approach may wait until the long term Lower High trend line (dashed line) breaks and then enter their buys. In any case our Target Zone is the wide Symmetrical Resistance zone of 0.73000 - 0.75600.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial