In the previous analysis, I expected GU to have some deep pullback to re-test the 1.3850 zone, which was exactly what the market performed. In today's trading session, I will remain neutral bias and pay attention to the 1.3850 support zone (previous resistance). There are two possibilities that I am looking at
1. Bounce off the trendline with further bullish momentum, 1.40 zone is a potential target (mental resistance) due to the whole number. Be cautious that the trendline isn't very significant, avoid paying too much attention to the trendline, but focus on the reaction if price bounces off 1.3850-1.3860 support zone, use candlestick pattern as your entry trigger (Bullish)
2. If there's slow grind sort of condition rolling downwards with a downwards violation of the trendline, that could expose 1.3760 as the next support zone (Bearish)
Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Bounce off the trendline with further bullish momentum, 1.40 zone is a potential target (mental resistance) due to the whole number. Be cautious that the trendline isn't very significant, avoid paying too much attention to the trendline, but focus on the reaction if price bounces off 1.3850-1.3860 support zone, use candlestick pattern as your entry trigger (Bullish)
2. If there's slow grind sort of condition rolling downwards with a downwards violation of the trendline, that could expose 1.3760 as the next support zone (Bearish)
Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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Previous analysis
