Possible long for some correction moves
Analysis
Price fell from 30/05/2022 high of 1.07863 to fib 0.618 of 13/05/2022 low. Friday fell bounced in the last few hours from the 0.618 golden ratio and floated above before market closure.
If market opening for Monday the price stays above, it has potential to bounce back up minimum to 1.05680 area.
Liquidation
1.05195 - 1.04926 area is previous support area, which potentially can be extended to 1.04603. Price can drop for liquidation and go below 1.04926 before bouncing back up.
SL below 1.04603 will be ideal, however for day trade it's too much pips to lose. This is a counter-trend trade so minimal pip SL should be considered.
Entry
1.05167 - 1.052
SL
slightly below 1.04926
TP
TP1: 1.05680
TP2: 1.06062
Expected Pips
20 - 80 pips
Expected Delivery
max 2 days
Alternative Scenario
Price drop below 1.05138 and respect it as new resistance. If it happens, price may continue to south given the strong US dollar pressure.
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Disclaimer: Chart is static market is not. I learn from losses and mistakes just like everyone. No financial advise is given here. Your money, your own risk. :) And Good luck.
Price fell from 30/05/2022 high of 1.07863 to fib 0.618 of 13/05/2022 low. Friday fell bounced in the last few hours from the 0.618 golden ratio and floated above before market closure.
If market opening for Monday the price stays above, it has potential to bounce back up minimum to 1.05680 area.
Liquidation
1.05195 - 1.04926 area is previous support area, which potentially can be extended to 1.04603. Price can drop for liquidation and go below 1.04926 before bouncing back up.
SL below 1.04603 will be ideal, however for day trade it's too much pips to lose. This is a counter-trend trade so minimal pip SL should be considered.
Entry
1.05167 - 1.052
SL
slightly below 1.04926
TP
TP1: 1.05680
TP2: 1.06062
Expected Pips
20 - 80 pips
Expected Delivery
max 2 days
Alternative Scenario
Price drop below 1.05138 and respect it as new resistance. If it happens, price may continue to south given the strong US dollar pressure.
---
Disclaimer: Chart is static market is not. I learn from losses and mistakes just like everyone. No financial advise is given here. Your money, your own risk. :) And Good luck.
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