For over two years, the pair authoritatively belonged to the Bears, setting Lower Lows.
However, as the market transitions into an uptrend by creating new structure high about a Month ago, we await two confirmations to cement this move.
Firstly, would be the support line holding the current bear pressure, followed by a candle closure above 126.800 Resistance. We go long immediately upon this green-light setting SL at 121.800 and TP around 132.800.
Buy Stop | Po: 127.850 | SL: 121.800 | TP1: 132.800
We are presented with a channel / Flag Formation with Support and Resistance directly on Fibonacci Lines. Fascinatingly, both key zones have been tested twice and have contained the price therein.
It is worthy to emphasize that the market is currently downtrend as indicated on the MACD, however we engage upon the break in either direction with a single SL at 1.19200 which is the middle of the channel. A breakdown will be more comforting.
Buy Stop Order | Po: 1.23265 | SL: 1.19200 | TP: 1.28450
Sell Stop Order | Po: 1.15560 | SL: 1.19200 | TP: 1.11220
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