Price is offering a weekly tweezer bottom rejecting both, horizontal and dynamic support at the weekly 50 Exponential moving average , forecasting a potential move higher for next week.
Intraday it’s easy to identify an up trend, with price making higher highs and higher lows. Then, recently we are seeing a consolidation and a potentially corrective structure forming. I will be waiting to take a potential long entry of the cluster of support at the 129.5 area which coincides with previous support, fibonacci levels and key moving averages. Target setting in this case is a bit tricky since we have potential resistance right above, at the 129.8 area, so I would rather take profit if we see excessive volume and rejection patterns that said level.


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