This is a crucial area of confluence: Neckline, structural resistance, daily 200 ma, and historically a very strong area where price has bounced from. It would also be in an area where the corrective structure of this bullish move will possibly have trouble getting past and bears would come in. Daily and weekly this pair is a big sell, as price has broken the...
Potential long. Taking into account the outlook of other xxxusd pairs as well as the DXY which is possibly starting its retracement on larger time frames; we can look for a buying opportunity on this pair given that it breaks to the upside.
Look for shorts once you see break outs to the downside.
Retest of 110 will be a good entry for another 70-100 pips to the upside.
Wait for breakout on lower time frames and buy.
Retest right now, perhaps wait for a reversal or enter here.
Break/ retest/ DXY flying Probabilities wise, good trade as we have been on a retrace, this is likely a breakout back into the bullish trend.
After a pullback look to short this pair, short term.
Monitor for a breakout on lower time frames for a buy on this pair, especially with upcoming fundamentals.
Look for buys on low time frames (intra day) and ideally get in on the short at the top of the bullish retrace.
Key level of support. We want to see price accumulate here, and only then can we look for buys.