Entry: 109.6
SL 109.850
TP: 109.250
Daily: The pair has broken out of the Upward Channel and retested the upper resistance at 109.750 region. The closest target would be 108.750 & 107.500. On the flip side, a sustained move above the 110 mark expose the pair to the previous channel structure at region 110.8-111.
4H: The market has opened with a bullish gap pushing the price out of the triangle formation that was seen on the previous week. However the pair has shown rejection of the 109.750 region. The price would potentially bounce back to the 109.250 & 108.750 region.
1H: A Hanging Man candlestick is formed as price failed to push through the resistance at 109.750. An Inside Bar Setup is also seen on the resistance. Wait for a break of the Inside Bar Setup.
SL 109.850
TP: 109.250
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