Let's look at the daily chart
and try to understand how we should trade this pair. We have to note that the market is in an up trend but presently we can see a correction wave. It's confirmed by price movement between the resistance and the support levels and DMI indicator. It will be correctly to wait for a new impulse wave and only after that join the up trend. We should open long trades only if price breaks the 1st resistance level
line rises above 20 level. MACD
will have to support this up movement. Profit target for long trades must be at the 2nd resistance level
. If price breaks the support level
and MA50, we'll see down movement to MA100 (yellow line). If the market bounces from MA100, it will be a new long opportunity with profit targets at the resistance levels.
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