A bit of observation which can be very helpful and can keep the pace of the currency pair ahead as well.

This currency pair has a tendency of moving in a V shape upside and a tendency of falling in retracements, and once the fall is over the move is made in very typical upside movementem of HH and LH. This has been followed many times in the currency pair and we are expecting the same this time.

The pair corrected from it's all time high making a 52 week low, the pair has been following this move every single time when the move is V shaped. At the low the stock moved steadily and made a shooting star at the top and retracted to its 0.618 fibonacci ratio and after trading at this level for a few days, the pair made a new high breaking its previous high. This time again at the higher we saw a shooting star and the pair has retracted to 0.618 level. Are we going to see another move upside which will break this time high is a big question.
We need confirmation to say yes it will, if we look at the Oscillator or indicator none of them are suggesting yet a buying opportunity.
As we are more a believer of Demand & Supply, we will emphasize more on single line candles.

The Recent candle is indicating that the buyers at the lower level are interested in the pair and we might see this in the coming days as well.

All we would advise is to wait and watch the pair in any case if the pair close higher than previous day close, start accumulating the risk reward is most favourable.

Wait for the opportunity for those who are short advice would be to exit short.

Opportunity ahead

Aug 28 2021

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