In the recent analysis (15th Jan, Friday), I expected GU to again reject the 1.37 key daily resistance zone for a potential double top setup, followed by strong bearish reversal, which was exactly what the market performed. Currently will be looking for short-term selling opportunities, there are two setups that I am looking at
1. Pullback towards 1.3612 minor resistance for a re-test for further bearish continuation setup with 1.3540 & 1.3480 as targets (Bearish)
2. If we notice further rotation, grinding sort of downwards movement, be aware of potential bounce at 1.3540 support zone before further bearish momentum kicks in (Bearish)
Do pay attention to 1.3480 key support level, if it is being violated we could expect further selling momentum. As long as price stays above that zone, remain bullish bias. However, 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. Pullback towards 1.3612 minor resistance for a re-test for further bearish continuation setup with 1.3540 & 1.3480 as targets (Bearish)
2. If we notice further rotation, grinding sort of downwards movement, be aware of potential bounce at 1.3540 support zone before further bearish momentum kicks in (Bearish)
Do pay attention to 1.3480 key support level, if it is being violated we could expect further selling momentum. As long as price stays above that zone, remain bullish bias. However, 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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Friday's (15th Jan) analysis
