In yesterday's analysis, I discussed about the possibility of price rejecting 1.3620 minor support zone bouncing back to previous key daily resistance (1.37), which was exactly what the market performed. GU is currently consolidating around the key resistance level, avoid buying breakout unless the 1.37 level is clearly breached. There are currently three setups that I am looking at
1. Breaching 1.37 high with a clear break & re-test setup, 1.3820 is the initial target
2. Pullback towards 1.3660 with further bullish rotation back towards 1.37 resistance zone
3. Further rejection of 1.37 key resistance with strong bearish momentum towards 1.3620 & 1.3540 support zones
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Breaching 1.37 high with a clear break & re-test setup, 1.3820 is the initial target
2. Pullback towards 1.3660 with further bullish rotation back towards 1.37 resistance zone
3. Further rejection of 1.37 key resistance with strong bearish momentum towards 1.3620 & 1.3540 support zones
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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