we want to see a breakout above 0.7310 or so as step one. Then a small correction and we can go long. If you want to be more conservative, wait for double waves down, and trade the trend line breakout.
NOTE – Pay attention to the MACD histogram. Once the breakout happens, ideally we want to see higher highs on the histogram as well. If we get lower highs, it is a sign that we might see the price getting stuck in a range, which means, put the buy plan on hold.
A more conservative approach would be to wait for a double wave correction, once we get the breakout of 0.7310 level. Go long when the double wave correction trend line is broken up.
Target 1 - 0.7425
Target 2 - 0.7500
NOTE – Pay attention to the MACD histogram. Once the breakout happens, ideally we want to see higher highs on the histogram as well. If we get lower highs, it is a sign that we might see the price getting stuck in a range, which means, put the buy plan on hold.
A more conservative approach would be to wait for a double wave correction, once we get the breakout of 0.7310 level. Go long when the double wave correction trend line is broken up.
Target 1 - 0.7425
Target 2 - 0.7500