Possible swing for this pair and target and stop losses. Reason for long will be provided below:
1) double bottom formation
- As you can see from the chart, valid double bottom form around 80.00. Reason being the closing of the price doesn't break the previous low. This gives us a confluence in supporting that the price will be bullish.
2) Candles keep congregate at the 80.00 price area which suggest a strong support area which is supported by 0.236 fibs playing as confluence.
3) From the chart itself, we found a strong resistance on 0.5 fibs which is around 0.5 fib ratio.
4) It's currently in consolidation state. The longer the consolidation, the bigger the breakout. Should it breakout from the resistance, there's a potential long to the upside price of 86 which is a previous resistance structure.
Have a good day everyone.Cheers.
1) double bottom formation
- As you can see from the chart, valid double bottom form around 80.00. Reason being the closing of the price doesn't break the previous low. This gives us a confluence in supporting that the price will be bullish.
2) Candles keep congregate at the 80.00 price area which suggest a strong support area which is supported by 0.236 fibs playing as confluence.
3) From the chart itself, we found a strong resistance on 0.5 fibs which is around 0.5 fib ratio.
4) It's currently in consolidation state. The longer the consolidation, the bigger the breakout. Should it breakout from the resistance, there's a potential long to the upside price of 86 which is a previous resistance structure.
Have a good day everyone.Cheers.