We are presented with what appears so far to be an ascending channel on this pair, with higher timeframes displaying price up trending since late December.
By condensing to the hourly i have observed an area of consolidation around the lower trendline - with price unable to break below. With the trend bullish i am going to look to place buys if we are able to break the 1.6800 zone.
This being a psychological level may also give reason to why price is struggling to break above, however significant closure above this zone should give headway to go long to the upper trendline for continuation of the channel.
We must factor in the upcoming ECB interest rate decision this Thursday as it will likely be fundamentals which confirm direction.
Will be monitoring price action for long entry at the 1.68 zone with a profit level at the upper trendline of the ascending channel. Stops can be placed below the consolidation zone should price fake out and retrace.
Great R:R of 1:3+ on this trade should it meet our confirmations to enter.
By condensing to the hourly i have observed an area of consolidation around the lower trendline - with price unable to break below. With the trend bullish i am going to look to place buys if we are able to break the 1.6800 zone.
This being a psychological level may also give reason to why price is struggling to break above, however significant closure above this zone should give headway to go long to the upper trendline for continuation of the channel.
We must factor in the upcoming ECB interest rate decision this Thursday as it will likely be fundamentals which confirm direction.
Will be monitoring price action for long entry at the 1.68 zone with a profit level at the upper trendline of the ascending channel. Stops can be placed below the consolidation zone should price fake out and retrace.
Great R:R of 1:3+ on this trade should it meet our confirmations to enter.