From H4 TF price is moving in the ascending channel where price recently was rejected at yearly high of 1.8450+- since Euro session till US session is closed. The price now is closed near to the lower trend line of the ascending channel.
The price respected the ascending channel lower trend line since mid of May21, the price may either:
1)bounced from the line here before proceeding its bullish movement till recent swing high of 1.8440.
2)break below the trend line and proceed it bearish movement till zone B where yearly support is ie 1.8220+-. If the price shows a bullish signal at the this zone B, look for buy opportunity from here till recent swing high 1.8440.
Wait for its current bearish movement to complete at early next week till Wednesday before trade execution.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
The price respected the ascending channel lower trend line since mid of May21, the price may either:
1)bounced from the line here before proceeding its bullish movement till recent swing high of 1.8440.
2)break below the trend line and proceed it bearish movement till zone B where yearly support is ie 1.8220+-. If the price shows a bullish signal at the this zone B, look for buy opportunity from here till recent swing high 1.8440.
Wait for its current bearish movement to complete at early next week till Wednesday before trade execution.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
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