Long position for the following reasons:
1) Uptrend with higher highs and lows on weekly, daily and 4 hour time frames.
2) After break of the key resistance area around 1.32900, we had a retest as support with daily bullish engulfing candle.
3) EMA/MA crossover on the 4 hour time frame with doji rejecection against EMA and minor support.
4) Most recent 4 hour candle closed above previous highest close.
5) The biggest picture indicates that this is a retractment on it's way back up to form higher highs or at least test previous highs.
1) Uptrend with higher highs and lows on weekly, daily and 4 hour time frames.
2) After break of the key resistance area around 1.32900, we had a retest as support with daily bullish engulfing candle.
3) EMA/MA crossover on the 4 hour time frame with doji rejecection against EMA and minor support.
4) Most recent 4 hour candle closed above previous highest close.
5) The biggest picture indicates that this is a retractment on it's way back up to form higher highs or at least test previous highs.
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