The recent price action is corrective and within a channel structure. Many call this PA as a flag pattern (seen better on the H4 chart). Either way, price is now at support and I expect this 15.4240 region to hold. It has been tested a few times already and I am ready to take a long here. Additional factors in favor of a long are:
the preceding trend was bullish and
price is above the 200dma.
Even with a generous stop we still have the potential to get 2.7R and these odds make it a worthwhile risk. Bear in mind however, the wide spreads and negative swap in going long on this pair.
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Always use sound money and risk management and stay patient in all your trades.
the preceding trend was bullish and
price is above the 200dma.
Even with a generous stop we still have the potential to get 2.7R and these odds make it a worthwhile risk. Bear in mind however, the wide spreads and negative swap in going long on this pair.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management and stay patient in all your trades.