Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
I mentioned a daily trendline plus daily 200 simple moving average 5 days ago and price nicely behaved to those support levels and is going to the north now.
We have got a possible daily triangle setup and which show price would reach around 1.3320:
In the four hour chart we can see that upper bond of the triangle and 200sma shows 1.3320 together and this will add more power to this resistant zone:
So if you went long for the daily trendline play then you should close your positions at around 1.3310 and at that level I will look for a possible bounce and after a four hour bearish candle we should go short.
Any breaks of that triangle setup would be an indication of an explosion so breakout traders watch it carefully for a possible setup.
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