To me, looking at this pair on the weekly, the previous bearish trend looks very unconvincing and has lost its strength to keep creating new lows. It seems price has changed its trend after breaking the highlighted, previous lower high and then forming a new higher low structure.
Lasts weeks candle closed strong. A bullish engulfing candle, breaking short term bearish structure supported by a technical strength score of +4 strengthening my bullish bias.
On the daily, price has broken above the CTL so now its time for me to look for an entry. Preferable I would like to see price pullback and open up some potential entry points around 1.49882 (Previous hourly high) I will view the 5minute and hourly chart to watch for any candlestick rejection on this level.
My target is strongly held at the 1.5500 monthly key level - a more long term outlook.
Lasts weeks candle closed strong. A bullish engulfing candle, breaking short term bearish structure supported by a technical strength score of +4 strengthening my bullish bias.
On the daily, price has broken above the CTL so now its time for me to look for an entry. Preferable I would like to see price pullback and open up some potential entry points around 1.49882 (Previous hourly high) I will view the 5minute and hourly chart to watch for any candlestick rejection on this level.
My target is strongly held at the 1.5500 monthly key level - a more long term outlook.