Welcome to another blog by AspireFX, today we’ll be looking at which confluences we could’ve identified in order to catch the huge move to the upside seen this week.
Looking on the 4 hour time frame we can see how how resistance turned support by looking at the highlighted region. We can also see by looking at the ascending trend line that we were creating higher lows as well as having 3 touches off of the trend line.
Looking at the 1 hour time frame, we can see more clearly how this pair has bounced off of the trend line. Looking at the Fibonacci tool, we formed a doji followed by a bullish engulfing off of the 88.6 level. Looking at current price action, we broke through the major key level of 1.27000, there was an attempt to break back below seen by the massive wick indicated by the upward arrow but ultimately closing back above. All signs are pointing to further upside movement.
Always try to keep your charts as clean as possible in order to see exactly what the markets are doing. Hit the follow button below to get notifications sent directly to your email!