Trend Direction: Bullish.
Trend Reversal Level: 1.4940.
Key Support Levels: 1.5200, 1.5150, 1.5050, 1.5000.
Key Resistance Levels: 1.5470, 1.5630, 1.5960.
Entry Strategy: Buying dips in an uptrend above our suggested trend reversal level.
Trade Suggestion: On this pair we have seen a pull back from its high from 1.5471 , which is also a resistance level. As this broke out of the weekly bearish channel, it is now currently testing that broken channel resistance and bouncing of those levels. As you look at the picture we are having a support level at 1.500 and broken channel resistance, which is now support comes at same levels at which it is good scenario to consider going long at this level targeting the highs of 1.5470, the stop can be placed below 1.5200 which is a support and swing low has been formed as well. Where as if this pair sustain to break above the sited key resistance level 1.5470 will open up doors targeting towards 1.5525 & 1.5725.
Intial targets will be 1.5300, 1.5370 followed by 1.5400.
Alternate Scenario: Consider going short if prices break below 1.5200 targeting 1.5150, This will be aggressive counter trend trade.
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