Weekly chart:
With the last high at 1.1713, the big picture was able to put the last downtrend behind it and establish a new uptrend. This is currently located in the last correction zone and is showing clear upwards tendencies. Here, with a stop below the correction zone, one can speculate on a continuation of the uptrend.
Daily chart:
In the daily chart, the uptrend is also intact. Here, the last correction zone is located between 1.1213 and 1.1018. After the 20 SMA from the week propped up the price from below, and since today, the price will indeed make the leap above the 20 SMA from the daily chart, the likelihood of a continuation of the uptrend is increasing. Here, too, one could hazard a long trade with a stop at 1.1018.
Hourly chart:
In the hourly chart we can see the same uptrend. Here, the last correction zone runs between 1.1209 and 1.1150. A long trade may well also pay off here with a stop beneath this correction zone. The first targets can be made out at the last point two at 1.1315 and, as things progress, at 1.1460 and 1.1713.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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