Tracing price action since March 25 bullish breakout:
-Bullish rally extended on Inverted head and shoulders breakout.
-Price hit 0.9280 resistance level, showing pin bars at resistance
- pullback was shallow towards 0.9200
-The price broke above 0.9280 confirmed 0.9337 and 09445 upside targets.
- Price was rejected at 0.9445 resistance, hit my downside target at 0.9300 and below.
- Note that the Full target of the IHS pattern is near the 0.786 retracement at 0.95
So what now?
Another dip towards 0.9200-0.9250 area could be a good opportunity to look for a bullish rebound, as price tests a major cluster of support level outlined below. Bottom line, i would look to long anywhere among 0.9200-0.9250 with targets at 0.9350 and 0.9450 levels. A break back below 0.9150 may look negative again
Note: Look for pin bar over the four-hour intervals for confirmation
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twitter.com/thefxchannel
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-Bullish rally extended on Inverted head and shoulders breakout.
-Price hit 0.9280 resistance level, showing pin bars at resistance
- pullback was shallow towards 0.9200
-The price broke above 0.9280 confirmed 0.9337 and 09445 upside targets.
- Price was rejected at 0.9445 resistance, hit my downside target at 0.9300 and below.
- Note that the Full target of the IHS pattern is near the 0.786 retracement at 0.95
So what now?
Another dip towards 0.9200-0.9250 area could be a good opportunity to look for a bullish rebound, as price tests a major cluster of support level outlined below. Bottom line, i would look to long anywhere among 0.9200-0.9250 with targets at 0.9350 and 0.9450 levels. A break back below 0.9150 may look negative again
Note: Look for pin bar over the four-hour intervals for confirmation
Good Luck, Join me @
twitter.com/thefxchannel
thefxchannel.com
