Trend Direction: Bullish.
Trend Reversal Level: 0.8600
Key Support Levels: 0.8900, 0.8850, 0.8800, 8775, 0.8700, 0.8650
Key Resistance Levels: 0.9000, 0.9100
Entry Strategy: Buying dips in an uptrend above trend reversal level.
Trade Suggestion: We saw this pair yesterday finally breaking out of the key resistance level 0.8850, it has significant support now at 0.8850 level and looks extremely bullish. It has made a high of 0.8951 yesterday. Our trading scenario on this is to wait for the correction to the downside to 0.8850 level, which is a significant support before entering any long positions targeting 0.8900, 0.8950 & 0.9000. Break above 0.9000 will push this pair to 0.9100 level.
Recap: Our suggestion to go long after break of 0.8850 yesterday resulted in 100 pips gain, risk to reward was also very good.