Hi guys, just sharing my analysis.
Please feel free to comment so I can learn more as well :)
In the Daily chart, price is probably still at the consolidation zone (114.025 - 108.422) with a support trendline.
In the 1H TF, Price has broke below the significant level (111.736) and is moving towards the resistance (108.422). Thus, I will be looking for a short opportunity.
Price is currently in a channel. I am anticipating price will touch the bottom of the channel, reverse to touch the top of the channel before reaching the resistance level (108.422).
Below are just the approximate entry as we need to look at how the market reacts.
Entry: 109.590
SL: 110.528 (above the previous high), which is also slightly above the support (110.228).
TP: 108.422
Please feel free to comment so I can learn more as well :)
In the Daily chart, price is probably still at the consolidation zone (114.025 - 108.422) with a support trendline.
In the 1H TF, Price has broke below the significant level (111.736) and is moving towards the resistance (108.422). Thus, I will be looking for a short opportunity.
Price is currently in a channel. I am anticipating price will touch the bottom of the channel, reverse to touch the top of the channel before reaching the resistance level (108.422).
Below are just the approximate entry as we need to look at how the market reacts.
Entry: 109.590
SL: 110.528 (above the previous high), which is also slightly above the support (110.228).
TP: 108.422