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LUNA/USDTERP Potential Upward Movement

LUNA/USDTERP Long-Term Trend: Bullish

Key Resistance Levels: 36.985. 37.000, 37.500.

Key Support Levels: 32.932, 30.804, 26.299.

Daily Chart:

The price on the higher time frame posted a bullish engulfing pattern around the 26.245 USDT mark which led to a reversal and a move upward. The market managed to break the daily resistance (now support) and retrace to it. Further movement to the upside is expected in the coming hours.

LUNA/USDTERP Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price is traded inside a wedge formation. A lower correction could be seen to the 61.80 % Fibonacci retracement level which signals an end of the correction before a new impulsive wave to the upside.

Signal Idea:

Buy Limit Order @ 33.024

TP 1 @ 36.363

TP 2 @ 37.000

Stop Loss @ 31.917

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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