In the daily chart, the market is in the sideways trend, it just tests the support level recently.
In the four hours chart, the market breaks the bearish channel and it respects the support area, which is around 1.07560. The market goes up after it hits the support level.
The clear support area will be a good buy zone for me to waiting for buying opportunities. I will wait for the market to reach this area first, If it gives me a pin bar signal, I will long the market.
Buy limit: 1.07700
SL: 1.07300 (-40pips)
TP: 1.09060 (+136pips)
Risk/Reward Ratio: 3.40
In the daily chart, the market is respecting the resistance level 1.26000, it doesn’t break above 1.26000 recently. At the same time, the market shows us two meaningful support area, they are around 1.22730 and 1.21600.
In the four hour chart, the market creates a resistance level before the market is close. It is around 1.24670.
If the market goes up again and doesn’t break above the resistance level 1.24670, it will be a good sell zone for us to short the market.
Sell Limit: 1.24430
SL: 1.24980 (-55pips)
TP: 1.23150 (+128pips)
Risk/Reward Ratio: 2.33
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