Clear points of entry for either scenario - VERY clean setup.
This pair has been sat in some serious corrective price action. i'm hoping we can see a break next week. Which way do i think its likely to break?
Probably up, but i'm also very aware that if the bears muster the strength to break that 1.180 area, then we also have a double top that could be good to trade to the bottom of that correction.
Targets for the (potential) double top sit near enough directly on that bottom level.
So to summarise, although i think this pair is likely to break above, i will not be trading my opinion. i'll be trading what i see.
A break, close & pullback on the upper level and ill be looking for longs.
A break of that (potential) double top neckline and ill be looking to short to the corrections bottom.
MACD looking as though the double top could easily come into play, but as above, i'll trade whatever it wants to give us.
Probably up, but i'm also very aware that if the bears muster the strength to break that 1.180 area, then we also have a double top that could be good to trade to the bottom of that correction.
Targets for the (potential) double top sit near enough directly on that bottom level.
So to summarise, although i think this pair is likely to break above, i will not be trading my opinion. i'll be trading what i see.
A break, close & pullback on the upper level and ill be looking for longs.
A break of that (potential) double top neckline and ill be looking to short to the corrections bottom.
MACD looking as though the double top could easily come into play, but as above, i'll trade whatever it wants to give us.
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Partial profits secured.