From our last week’s analysis on this pair
the alternative setup was triggered and has almost hit our TP of 114.92.
On daily time frame the candle has formed a dark cloud cover pattern right around the resistance of a ranging box 114.88 which suggests that we may have a short term bearish move and will potentially move within the sideways range. A 122 pips of risk with 190 of pips of profit (1.5:1 RRR)
SL @ 114.75
Sell Stop @ 113.53
TP @ 111.63
However if the price breaks above 115.00, the market may retest the previous resistance level at 118.50. This also gives a higher probability as it breaks out from the sideways trend since midweek of January. This will also provide a confirmation of the break from the recent short term down trend line. A 339 pips of profit with 226 pips of risk (1.5:1 RRR)
SL @ 112.50
Buy Stop @ 115.11
TP @ 118.50
On daily time frame the candle has formed a dark cloud cover pattern right around the resistance of a ranging box 114.88 which suggests that we may have a short term bearish move and will potentially move within the sideways range. A 122 pips of risk with 190 of pips of profit (1.5:1 RRR)
SL @ 114.75
Sell Stop @ 113.53
TP @ 111.63
However if the price breaks above 115.00, the market may retest the previous resistance level at 118.50. This also gives a higher probability as it breaks out from the sideways trend since midweek of January. This will also provide a confirmation of the break from the recent short term down trend line. A 339 pips of profit with 226 pips of risk (1.5:1 RRR)
SL @ 112.50
Buy Stop @ 115.11
TP @ 118.50