Just my idea and analysis on the pair for the upcoming week, but on the 4 hr chart.
Looks like the beginning of an inverse head and shoulders pattern.
The RSI and Stochastic indicators both indicate that it is in oversold territory, and is due for a move upwards.
The key to this trade will be the current support line not being broken and a strong move up after it.
Will be looking to buy at the 0.74990 mark if the close if not below the support line.
Would need to see a strong movement upwards to be able to fulfill this idea so trade carefully guys :)
Looks like the beginning of an inverse head and shoulders pattern.
The RSI and Stochastic indicators both indicate that it is in oversold territory, and is due for a move upwards.
The key to this trade will be the current support line not being broken and a strong move up after it.
Will be looking to buy at the 0.74990 mark if the close if not below the support line.
- SL would be set at the next support line at 0.7465
- 1st TP would be at the first resistance at 0.7585
- 2nd TP would be set at 0.7670
Would need to see a strong movement upwards to be able to fulfill this idea so trade carefully guys :)
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