I'm looking at 1.6120 for an Entry Long. I'll state my reasons for that. Starting with Monthly, this month still has a week to close despite the holidays we have during the week. The last 3 monthly candles finds it hard to close above 1.6160. This month has moved from a low of 1.6009 to a high of 1.6305 & currently at the Fib 50% retracement. We have a weekly pin bar which needs a confirmation before it can be traded. Should next week trade & close below the weekly pin then that is your confirmation to exit long & go short.
H4, D1 & W1 are all in an Uptrend, So i will wait for a confirmation of trend reversal before take any short position. 1.6168 is very strong resistance, maybe now support. As for next week, I change my bias from Bullish to NEUTRAL.
GL & Wish everyone a Merry Christmas
H4, D1 & W1 are all in an Uptrend, So i will wait for a confirmation of trend reversal before take any short position. 1.6168 is very strong resistance, maybe now support. As for next week, I change my bias from Bullish to NEUTRAL.
GL & Wish everyone a Merry Christmas
Numbers NEVER Lie