Trend: Bullish;
Level: 1.1800 support; 1.19500 resistance;
Signal: Inside bar;
Summary: Last week price was in a PB and my expectations were:
1. If price forms a PA short signal on 1.1800 area, then that would be an indication of continuation of the short term bearish trend.
2. If price breaks through the same area, that would mean the return to global bullish trend.
Second scenario took it's place forming as well an Inside Bar pattern directly on the 1.1800 area. While it wasn't an option to enter on IB breakout, price did breakout with a strong bullish candle and we can assume that price will move higher at least until 1.1950 area.
Would wait for a retracement to 1.17800 for long entry.
Level: 1.1800 support; 1.19500 resistance;
Signal: Inside bar;
Summary: Last week price was in a PB and my expectations were:
1. If price forms a PA short signal on 1.1800 area, then that would be an indication of continuation of the short term bearish trend.
2. If price breaks through the same area, that would mean the return to global bullish trend.
Second scenario took it's place forming as well an Inside Bar pattern directly on the 1.1800 area. While it wasn't an option to enter on IB breakout, price did breakout with a strong bullish candle and we can assume that price will move higher at least until 1.1950 area.