The completion of ABCD wave structure and double bottom pattern at 1180.00 support hinted a nice bullish recovery
Now, price is testing the main and key resistance level around 1268.00, i would like to see a break above that resistance to look for more upside and post a new trade setup. A beak above the 1268 would complete an inverted head and shoulders pattern.
Roughly, targets star at 1294.00 and higher. Will be updating with more precise outlook if a breakout occurs.
First reaction on 1268.00 test was rejection, however
Yesterday, price formed a pin bar at 1255.00 support level. A possible long here as the risk-reward ratio looks optimum at current levels, although I prefer to wait for confirmation through breaking above 1268.00 as we may head to some choppy action among those levels
Now, price is testing the main and key resistance level around 1268.00, i would like to see a break above that resistance to look for more upside and post a new trade setup. A beak above the 1268 would complete an inverted head and shoulders pattern.
Roughly, targets star at 1294.00 and higher. Will be updating with more precise outlook if a breakout occurs.
First reaction on 1268.00 test was rejection, however
Yesterday, price formed a pin bar at 1255.00 support level. A possible long here as the risk-reward ratio looks optimum at current levels, although I prefer to wait for confirmation through breaking above 1268.00 as we may head to some choppy action among those levels