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TECHNICAL ANALYSIS:
-Since the end of March, the market started a strong uptrend, getting a trend correction once it reached and bounced on the weekly resistance zone at 1.08733.
The trend correction wasn't strong enough to bounce on the main support, in fact it just continued the up trend, breaking the main resistance zone.
-The price retest the same level, but not able to break the HH at 1.10449, it collapsed in a long and clear downtrend. (The RSI indicator clearly showed a decrease of the market's strenght).
-On the 1st of December the price bounced on the main support zone, getting a trend correction matching with the 0.50% of Fibonacci Retracement.
CONCLUSION:
The price bounced on a strong support, and it is actually on a trend correction. The volatility is becoming low (it could be a sing of small inversion).
I aspect the price bouncing on the new support zone before going up with a bullish movement until to reach the main resistance zone.
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Trade Safe,
Gianni
TECHNICAL ANALYSIS:
-Since the end of March, the market started a strong uptrend, getting a trend correction once it reached and bounced on the weekly resistance zone at 1.08733.
The trend correction wasn't strong enough to bounce on the main support, in fact it just continued the up trend, breaking the main resistance zone.
-The price retest the same level, but not able to break the HH at 1.10449, it collapsed in a long and clear downtrend. (The RSI indicator clearly showed a decrease of the market's strenght).
-On the 1st of December the price bounced on the main support zone, getting a trend correction matching with the 0.50% of Fibonacci Retracement.
CONCLUSION:
The price bounced on a strong support, and it is actually on a trend correction. The volatility is becoming low (it could be a sing of small inversion).
I aspect the price bouncing on the new support zone before going up with a bullish movement until to reach the main resistance zone.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
Trade Safe,
Gianni
