In yesterday's analysis, I discussed about the potential grinding upwards movement of GU towards 1.37 as it shows the amount of buyers' interest in the market, which was exactly what the market performed. The market had a probe at 1.3710 key resistance zone yesterday then bounced off the 1.3620 minor support zone strongly. In today's session, we'll need to monitor the price action of GU, the strength/ momentum it approaches the 1.37 zone, there are two scenarios that I am looking at
1. Price slowly grinds towards the 1.37 zone followed by some rotational condition back towards 1.3620. If the bearish momentum is strong, we'll be extending the target towards 1.3540 support zone (Bearish)
2. Price breaches 1.3710 daily resistance with 1.38 as the initial target (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish, avoid having any breakout setup unless 1.37 resistance is clearly violated. As long as the 1.37 resistance zone holds, it shows that sellers are still waiting on the sideline.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Price slowly grinds towards the 1.37 zone followed by some rotational condition back towards 1.3620. If the bearish momentum is strong, we'll be extending the target towards 1.3540 support zone (Bearish)
2. Price breaches 1.3710 daily resistance with 1.38 as the initial target (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish, avoid having any breakout setup unless 1.37 resistance is clearly violated. As long as the 1.37 resistance zone holds, it shows that sellers are still waiting on the sideline.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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