Good Morning Forex Lovers
Yesterday price move exact according to our expectations and our first target has been hit.I am expecting a more downside movement but at the other end some charts are indicating the downside correction is over.I am sharing different time frame patterns to give a clear view.According to 1 hour and 15 mint chart the downside movement is over, But if we look 4 hour and daily chart patterns , they are indicating more down movement before setting up a new high.
Price is moving in a rising channel and recently hit higher high and moving towards lower high to complete the pattern.There is major support that was resistance before around 1110-11.If price could not break this area we may see a new high around 1131-35.But according to rising channel price can also touch the lower high at 1101-03 level.
4 Hour Chart
Price hit the major support at 1110 and bouncing back. At the other end we can see a clear bearish divergance founding and MACD volume is indicating sellers are not over.So we cant ignore the power of divergance , Price may break 1110 area towards channel low around 1101.So here we will have to manage with wise decision.
1 Hour chart & 15 Mint Chart
1 Hour time frame look beautiful and indicating to jump in the market towards new high. Kool Enough ! Price manage to bounce from the major support area and candle stick is also indicating for bullish move , But if we ignore the big picture in 4 hour and daily chart, That will not fair.So we will decision according to these patterns.
Buy Half position from : 1110 ( First Support )
Buy Half position from : 1101 ( Trend Channel Support )
Stoploss below : 1097-95 ( Channel Break, it can also invalidate the bullish bias)
Don’t risk more then 2% of you total account size.Always trade with proper money management.
Feel free to comment below if you have any concern regarding the chart and analysis.Your feedback is always welcome.
Wish You Good Luck & Happy Trading