Daily: Swing low
Overall - bearish rectangle consilidation formed.
1) Stochastic (14,3,3) momentum currently oversold, should gain buying momentum this coming week.
2) price has just reached a 62 period EMA currently acting as a major support line since Jan 2017
3) Price has just bounced of a support line
4-hour chart:
1) Falling wedge identified formed during an uptrend. Reversal signal so next move is up
2) Three white soliders bullish candles identified
3) 5 period EMA has left oversold conditions with strong buying momentum
15-minute chart:
1) 62 period EMA currently acting as a dynamic support line
2) hence stochastic has currently left overbought conditions with good selling momentum; price heading towards the 62 period EMA support line
Bias: BUY! swing low, so hold position out for a week or so
Enter around 1.22645
Sl around the the consilidation rectangle support line - 1.22201
Overall - bearish rectangle consilidation formed.
1) Stochastic (14,3,3) momentum currently oversold, should gain buying momentum this coming week.
2) price has just reached a 62 period EMA currently acting as a major support line since Jan 2017
3) Price has just bounced of a support line
4-hour chart:
1) Falling wedge identified formed during an uptrend. Reversal signal so next move is up
2) Three white soliders bullish candles identified
3) 5 period EMA has left oversold conditions with strong buying momentum
15-minute chart:
1) 62 period EMA currently acting as a dynamic support line
2) hence stochastic has currently left overbought conditions with good selling momentum; price heading towards the 62 period EMA support line
Bias: BUY! swing low, so hold position out for a week or so
Enter around 1.22645
Sl around the the consilidation rectangle support line - 1.22201