Not a bad setup as setups go.
I will buy this pair for several reasons -
1. Price is at the support area of 112.60, not very strong bullishly yet, but that was towards market close Friday, so perhaps we will see something interesting this coming week.
2. Price is bouncing off the huge trendline, it was broken and is now being retested as support.
3. There is another, more recent resistance trendline coming in hot, you can see it better on the 30m chart. When price breaks this one, I will buy UJ.
4. The gap around 115.00 is still not fully closed, despite last week's surge in buyers, there are still 10 pips left uncovered.
1:2 Risk to Reward ratio.
I will buy this pair for several reasons -
1. Price is at the support area of 112.60, not very strong bullishly yet, but that was towards market close Friday, so perhaps we will see something interesting this coming week.
2. Price is bouncing off the huge trendline, it was broken and is now being retested as support.
3. There is another, more recent resistance trendline coming in hot, you can see it better on the 30m chart. When price breaks this one, I will buy UJ.
4. The gap around 115.00 is still not fully closed, despite last week's surge in buyers, there are still 10 pips left uncovered.
1:2 Risk to Reward ratio.