As we explained in the previous analysis, the
declines that occurred on the pair were mainly retrogressions in view of the
larger charts on the monthly show as corrective movement within the rising
trend, which began two months after the famous Flash Crash, which followed the
limited retreats that accompanied the British exit referendum in an attempt to
return towards Fair trading levels 1.5 against the dollar, which is 16% more than
its real value, but the pair fell during the past period influenced by economic
events and political successive, so we preferred to take off every drop to buy
back and retain transactions from previous levels
Technically and on the 4 hour chart the pair
moved during the early trading up from the saturation levels which had a
positive positive effect on the RSI and exceeded the 50-day averages
successfully on its way to breach the initial resistance at 1.3000 and
stability of the trading area above this area will push it to target the areas
of 1.3090 The pair is targeting the first profit-taking levels at 1.3200, where
we can close one-third of the open trades while the far targets are 1.35 and
1.2 targets are technically accessible but are too long and we can see a
bearish correction before achieving it
Trading Recommendation
Buy the pair (repurchase for those who actually
bought) from current levels
Take the first profit 1.3090
Take Second Profit
For long term investment we will not close the
deal before 1.35
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