I have previously done analysis on this pair and we are still in a similar situation.
I think it is just a matter of time until this pair shoots up to take profit.
The reasons that I think this are:
A big falling wedge has formed and price has followed it well, price has also broken above the wedge. Breaking and retesting a few times catching out buyers however I do still feel that this pair will push to the upside. As I said, just a matter of time.
I will now be waiting for a break and close above the 50EMA on H4 for my second reason to go long on this trade.
I also may wait for a candlestick pattern for even more confirmation, as the dollar is slowly strengthening this could be the only thing to worry about on this pair at the moment!
On the other hand, price could of course drop below the wedge and push to lower lows. However, I see more opportunity in the opposite direction as of now.
I think it is just a matter of time until this pair shoots up to take profit.
The reasons that I think this are:
A big falling wedge has formed and price has followed it well, price has also broken above the wedge. Breaking and retesting a few times catching out buyers however I do still feel that this pair will push to the upside. As I said, just a matter of time.
I will now be waiting for a break and close above the 50EMA on H4 for my second reason to go long on this trade.
I also may wait for a candlestick pattern for even more confirmation, as the dollar is slowly strengthening this could be the only thing to worry about on this pair at the moment!
On the other hand, price could of course drop below the wedge and push to lower lows. However, I see more opportunity in the opposite direction as of now.