If I am a bull?
Price is bouncing off the 1.2 support zone as well as the lows of the bull channel. Look for buying opportunities with targets at 1) previous structure highs 1.127x 2) 127.2% extension at 1.129x. Buy retracements if price trades towards the channel highs.
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If I am a bear?
Price seems to be supported at the 1.2 round number which is also previous resistance that turned into support. We are also at the bull channel low. I would wait for a strong break down and a weak retest of this zone before considering short opportunities.
Price is bouncing off the 1.2 support zone as well as the lows of the bull channel. Look for buying opportunities with targets at 1) previous structure highs 1.127x 2) 127.2% extension at 1.129x. Buy retracements if price trades towards the channel highs.
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If I am a bear?
Price seems to be supported at the 1.2 round number which is also previous resistance that turned into support. We are also at the bull channel low. I would wait for a strong break down and a weak retest of this zone before considering short opportunities.
I may trade all, some or none of the ideas posted. All of my contributions are for educational purposes only. 'TRADE What You SEE'' and all the best!
