The pair is on an uptrend channel looking at the Daily TF and has found support on the 50EMA.
Looking down on the 1H-2H timeframe, it is currently retesting this resistance level highlighted on the chart.
Action Plan:
- Wait for breakout of the current resistance level.
- If it breaks out, depending on your strategy, take a long position with the first TP point on the 0.6509 level highlighted on the chart.
- Second TP point is the current peak which is the 0.6549 level
- Depending on how you want to hold your trade. We can target the upper level of the channel (Zoom out to Daily TF)
* The upper level of this channel (0.6641 level) is the level before the market turmoil brought by the virus
* From what I see, this market is currently on a V-Shape recovery following the virus
Things to look at:
- Watch price action on these levels before taking a long trade as price might stall on these levels.
- I'm expecting some sort of resistance on these levels so depending on how long you want to hold your trade and your own strategy
Looking down on the 1H-2H timeframe, it is currently retesting this resistance level highlighted on the chart.
Action Plan:
- Wait for breakout of the current resistance level.
- If it breaks out, depending on your strategy, take a long position with the first TP point on the 0.6509 level highlighted on the chart.
- Second TP point is the current peak which is the 0.6549 level
- Depending on how you want to hold your trade. We can target the upper level of the channel (Zoom out to Daily TF)
* The upper level of this channel (0.6641 level) is the level before the market turmoil brought by the virus
* From what I see, this market is currently on a V-Shape recovery following the virus
Things to look at:
- Watch price action on these levels before taking a long trade as price might stall on these levels.
- I'm expecting some sort of resistance on these levels so depending on how long you want to hold your trade and your own strategy