In yesterday's analysis, I discussed about potential violation of the bottom trendline finding 1.3850 as the minor support zone, which was exactly what the market performed. In today's trading session, I will remain neutral bias and use the EMAs (50 & 150 period) to determine the momentum of the uptrend. Price has rejected the 50ema once bouncing off as a bullish pin bar during the mid-late NY session yesterday. Two scenarios that I am expecting are
1. Avoid putting too much attention into any trendline break setup as it simply indicates short-term momentum shift. I will be focusing on both 1.3850 & 1.3755 support zones as area of value for long opportunities with 50ema as the dynamic support (Bullish)
2. If there's further weakness in GU, that could expose 1.3755 as the next support zone.
Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Avoid putting too much attention into any trendline break setup as it simply indicates short-term momentum shift. I will be focusing on both 1.3850 & 1.3755 support zones as area of value for long opportunities with 50ema as the dynamic support (Bullish)
2. If there's further weakness in GU, that could expose 1.3755 as the next support zone.
Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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