In Friday's analysis (24th Jan), I discussed about the potential false break (probe) at 1.37 key daily resistance zone, which was exactly what the market performed. Assessing the current market condition of GU, repeatedly every impulse will follow by deep retracement (0.5 - 0.886 fib). Personally, will be looking for long-term buying opportunities with 200ema & static support zones as the area of value. On both 11th & 21th Dec 2020, price breached through the 200ema followed by strong bullish reversal. There are two zones that I am currently looking at for potential bullish continuation setup,
1. 1.3540 support zone
2. 1.3480 support zone
We could expect some short-term bearish sentiment in the market. However, If price begin showing sign of upwards breakout of 1.37 resistance zone during tomorrow's session, further bullish momentum can be seen, do not forget the overall trend on the higher timeframe remains bullish. Will keep it updated in the following trading week.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. 1.3540 support zone
2. 1.3480 support zone
We could expect some short-term bearish sentiment in the market. However, If price begin showing sign of upwards breakout of 1.37 resistance zone during tomorrow's session, further bullish momentum can be seen, do not forget the overall trend on the higher timeframe remains bullish. Will keep it updated in the following trading week.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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