Markets are quite boring recently. Major currency pairs without clear trends – maybe today will be a little better. Let’s begin Price Action Setups review:
There is still a sideway trend, but it can be seen that the pair want to grow. The long lower wicks of candles with rebounds from 21 EMA makes that resistance challenge is more likely than the support test.
Yesterday I wrote about the emerging inside bar and the way of playing it. Finally the 8th(!) candle managed to beat the minimum of mother-candle and it was possible to play short positions. Currently, such positions would be in the red, because the price went back to the scope of consolidation. It remains to wait.
There is not much to say here – one of the most “boring” currency pair in today’s review. Support was not successfully challenged, but there is still a sideway momentum – scope of about 60 pips. Like in the Aussie, the long lower wicks demonstrate the superiority of demand, and proximity to support further increases the chance of rebound. 1.3700 should serve to open long positions after the PA buy signal (even from the H1 chart).
Next currency pair, which I wrote about yesterday. Clear pin bar and a buy signal, which despite being late (the signal was on Monday) could be used yesterday, as seen on the chart. Price went down twice to de vicinity of the maximum of the before mentioned pin bar candle. Currently, the position would be on a slight positive territory.