In yesterday's analysis, I discussed about selling opportunities off 105.700 minor zone, which wasn't the case. UJ found strong bullish momentum and its currently testing previous daily high at 106.10 key resistance zone. In today's trading session, I will remain neutral bias. There are two scenarios that I am looking at
1. If 106.10 resistance zone is clearly breached, there's potential for a break & re-test setup with 106.90 resistance zone as the target (Bullish)
2. If 106.10 resistance zone is again being rejected, that lines up a possible double top reversal (Bearish)
The overall trend on the higher timeframe remains bearish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. If 106.10 resistance zone is clearly breached, there's potential for a break & re-test setup with 106.90 resistance zone as the target (Bullish)
2. If 106.10 resistance zone is again being rejected, that lines up a possible double top reversal (Bearish)
The overall trend on the higher timeframe remains bearish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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