Hello traders, I will start this analysis by looking into the triangle formed in weekly chart wherein currently we are standing at the bottom of the triangle. We can also see a smaller triangle formation in the daily chart. I feel the consolidation is over near the support zone and the pair is now ready to break the shorter term triangle. Ultimately even if this consolidates longer, the weekly chart points to a move towards the upper side of the triangle and resistance around 156 level. You can either buy the market now, in retracements if any, or after breakout of shorter term triangle and resistance around 141 level.
This gives us a 12%+ up trade. Any dips should be buying opportunities for now.
Please share your thoughts and if you like this idea, please like and follow.
Good luck with your trades
This gives us a 12%+ up trade. Any dips should be buying opportunities for now.
Please share your thoughts and if you like this idea, please like and follow.
Good luck with your trades