The pair has reached an important horizontal structure on the daily timeframe.
It is now trading in a narrow range on the one hour timeframe in indecision.
Wait for the breakout to either side. If it breaks out higher, above the resistance in the blue, wait for the retest and go long.
If it breaks out lower, then, wait for a retracement and short.
Both trades will provide a good risk reward profile. Possible Targets for both long and short are outlined on the daily chart by the dotted line and are named resistance and support respectively.
Like and subscribe if you like my analysis. I really appreciate your contribution.
Wish you all best of luck in your trading.
It is now trading in a narrow range on the one hour timeframe in indecision.
Wait for the breakout to either side. If it breaks out higher, above the resistance in the blue, wait for the retest and go long.
If it breaks out lower, then, wait for a retracement and short.
Both trades will provide a good risk reward profile. Possible Targets for both long and short are outlined on the daily chart by the dotted line and are named resistance and support respectively.
Like and subscribe if you like my analysis. I really appreciate your contribution.
Wish you all best of luck in your trading.
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