After NY session closed we clearly stayed above daily lows going into Asian session and new daily candle. Risk off tone and lower equities didn't help risk on sentiment but dollar bounced back after FED's Powell speech on excluding negative interest rates which is sentiment positive for USD. Pair broke previous high and made higher low at London close.
PATTERNS:
Bullish engulfing pattern and trend change on 1h and lower timeframes by swing pivots (breakout of previous swing high, new swing low not broken yet)
4h swing lows remain the same after previous highs got ceased and back tested positively (50% pullback co-relation).
Idea is to go long from his 50% retracement on solid r/r. ADR is 96 and by setting half ADR as sl I wont risk much of capital. Profits can be taken anywhere above 1/1 r/r. Maximum I would take is full ADR.
Entires can be made above 107.1 resistance, which may be safer entry and might co-relate with 100ema brekout on 15min timeframe and 100/20 ema b/o on 1h and 4h respectively.
PATTERNS:
Bullish engulfing pattern and trend change on 1h and lower timeframes by swing pivots (breakout of previous swing high, new swing low not broken yet)
4h swing lows remain the same after previous highs got ceased and back tested positively (50% pullback co-relation).
Idea is to go long from his 50% retracement on solid r/r. ADR is 96 and by setting half ADR as sl I wont risk much of capital. Profits can be taken anywhere above 1/1 r/r. Maximum I would take is full ADR.
Entires can be made above 107.1 resistance, which may be safer entry and might co-relate with 100ema brekout on 15min timeframe and 100/20 ema b/o on 1h and 4h respectively.