Price has fell from last months monthly profit target for bulls at 0.805. It looks like we are at the bottom of the range which is also MM2 (0.7821). I am looking for a buy opportunity. i will be looking at lower time frames waiting for a confirmation.
Theres confluence with WM2 and MM2, so this makes this level of support even more important as more bulls will be watching this area and trying to get Long for the month or for the week.
If we take a closer look and go to the H1 chart. We can see that price has not made any more lower lows this week, it means that price is slowing down. I will be waiting for a higher high on the H1 or M15 and then buy the pullback
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About The Forex Analyst
Graduate in Bcom Human Resources Management. I am a full time Currency Trader and Market Analyst using technical and fundamental analysis, I have been trading in the Forex market since 2016. I am also a part time student at the University of Johannesburg studying Finance and Investment Management. I am always looking to learn and improve my skills as a professional, consistent and successful Trader & Investor for above average returns and a better understanding of the financial industry and financial markets.