The higher timeframes indicate a bullish nature on this particular pair
The most recent support regions on the smaller timeframes have successfully held with some consolidation becoming apparent prior to Asian open
Price attempted to break support again and failed. This justified a buy position in the form of a buy stop in order to confirm momentum before entering.
To gauge an early entry (due to the large candle sizes), I used the 15min timeframe.
Targets are set at the previous highs where we have seen low traffic movement
If history is to repeat itself, these previous resistance levels should be achieved again.
The most recent support regions on the smaller timeframes have successfully held with some consolidation becoming apparent prior to Asian open
Price attempted to break support again and failed. This justified a buy position in the form of a buy stop in order to confirm momentum before entering.
To gauge an early entry (due to the large candle sizes), I used the 15min timeframe.
Targets are set at the previous highs where we have seen low traffic movement
If history is to repeat itself, these previous resistance levels should be achieved again.