Last week we hit a strong demand zone and the market is retesting the trendline seen on the Daily Chart. I'm not ruling out that price can dip further down into the demand zone touching better price levels for a better entry as a buyer at 1.0695 and 1.0685. However, it would still be wise to buy now since price is responding in a positive way from our support levels.
For me I'm already in at 1.0730 and I will buy again at `1.0695 targeting ultimately 1.0940. I believe the 1.0940 level will be a very good area to start looking to sell and target 1.0600. If price breaks above 1.1000 then we are looking to buy again targeting 1.1200.
As a buyer I am expecting rejection to the downside at around 1.0815 back down or near the 1.07 level creating a double bottom or head and shoulder pattern.
My predictions these last few months have been spot on so regardless of that i feel good about this set up.
For me I'm already in at 1.0730 and I will buy again at `1.0695 targeting ultimately 1.0940. I believe the 1.0940 level will be a very good area to start looking to sell and target 1.0600. If price breaks above 1.1000 then we are looking to buy again targeting 1.1200.
As a buyer I am expecting rejection to the downside at around 1.0815 back down or near the 1.07 level creating a double bottom or head and shoulder pattern.
My predictions these last few months have been spot on so regardless of that i feel good about this set up.