The past day ended well for bears, the trend continued to be bearish as identified by our analysis. We are more interested though about today’s trend. The market opened resuming yesterdays bear at price 0.79691, supply was lost for this bear around price 0.79413 at 04:00 am, since then the market initiated a bull pullback trend. Professionals would be looking for possible trend change above price 0.79640.
As visible in the screen short above, demand could not hold prices above 0.79640 with three consecutive failed attempts. To Sum this up and find a premise and bias for the day we have to analyze our market using multiple time frame analysis technique . 30 minute time frame is used for identifying the structure, 3 minute time frame is used for trading , 1 minute time frame is used for fine tuning analysis (momentum is fine tuned here).
We now have our structure on the trading time frame. the trend is currently in a trading range and in slow trends like this one, higher probability entries are found in breakout failure and test. Before finding setups we first look at strength and weakness.
A break below support will indicate that the bear resumed, a break above resistance will indicate a new bull. Are you trading the same pair? perhaps we can share some ideas together, Happy trading!