Morning Guys,
It looks li UZ is approaching a major level of structure on the Daily timeframe. A trend line that’s been respected has now been violated at the 14.30 level. The next stop is 14.14. 14.14 is significant since the price has bounced off this level many time in the recent past. Beyond that, the price has indeed reached 13.84 so be careful when setting up long positions in that between 14.14 and 13.84.
Two possibilities
1. Price retraces from 14.14 to 14.52-14.87 around.
2. Price rallies to 13.88 and then only retraces around Jan.
Good luck - UZ is one of my favorite pairs to trade.
It looks li UZ is approaching a major level of structure on the Daily timeframe. A trend line that’s been respected has now been violated at the 14.30 level. The next stop is 14.14. 14.14 is significant since the price has bounced off this level many time in the recent past. Beyond that, the price has indeed reached 13.84 so be careful when setting up long positions in that between 14.14 and 13.84.
Two possibilities
1. Price retraces from 14.14 to 14.52-14.87 around.
2. Price rallies to 13.88 and then only retraces around Jan.
Good luck - UZ is one of my favorite pairs to trade.
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