After making a high at the 1.3030 area, price pulled back, easily breaking below 1.2800 and now in the zone around the support area at 1.2550. There are 2 possibilities (as usual) – it will either slice through to the downside OR the bulls will succeed to halt the decline and take control of the market. For fib lovers, this level does coincide with the 0.382 retracement of the bullish move that began in mid Dec, 2020.
My bias is bullish, I do trade with the trend for the most part. I will be monitoring price action on H4 and H1 to determine if the bulls are stepping in before taking a long trade. If the momentum in the bears continues, I will step aside and look for a similar setup lower down in the 1.2360 region.
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As always, please use sound money and risk management in all your trades.
My bias is bullish, I do trade with the trend for the most part. I will be monitoring price action on H4 and H1 to determine if the bulls are stepping in before taking a long trade. If the momentum in the bears continues, I will step aside and look for a similar setup lower down in the 1.2360 region.
If you like my analysis please give it a “thumbs up” and follow me to get immediate notifications.
As always, please use sound money and risk management in all your trades.
Note
Price did reverse as per my expectations and the bulls easily made it to the next resistance at 1.2790. Well done if you took this trade.s3.tradingview.com/snapshots/c/CRbR7GhK.png
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.