UJ has been completely out of wack ever since the flash crash....
However I do believe we have seen a Break of Structure to the upside giving the reasoning for my bullish fibonacci. We found a higher high point and formed major support at the 23.6, then breaking below it down to the 38.2 Fib giving us a VALID Higher Low point on this pair.
Breaking this down to the 15/30 min we formed resistance on the countertrend and after the 38.2 was respected our bullish updated broke our lower time frame resistance giving me indication the buyers are ready to come back into the market, HOWEVER after the bullish push up we had trouble breaking past our 110.000 level... This gave us slight rejection to the downside for 2 hour but both 1 hour candles forming wicks to the downside showing me sellers exhaustion, also tapping off our 23.6 level again but this time after a lower time frame break to an uptrend.
Looking to see price break 110.000 and continue to the upside especially with DXY in confluence as well.
Happy trading to all traders and hope this helps and gives some good insight on this pair.
IG: @issdrake
However I do believe we have seen a Break of Structure to the upside giving the reasoning for my bullish fibonacci. We found a higher high point and formed major support at the 23.6, then breaking below it down to the 38.2 Fib giving us a VALID Higher Low point on this pair.
Breaking this down to the 15/30 min we formed resistance on the countertrend and after the 38.2 was respected our bullish updated broke our lower time frame resistance giving me indication the buyers are ready to come back into the market, HOWEVER after the bullish push up we had trouble breaking past our 110.000 level... This gave us slight rejection to the downside for 2 hour but both 1 hour candles forming wicks to the downside showing me sellers exhaustion, also tapping off our 23.6 level again but this time after a lower time frame break to an uptrend.
Looking to see price break 110.000 and continue to the upside especially with DXY in confluence as well.
Happy trading to all traders and hope this helps and gives some good insight on this pair.
IG: @issdrake