Following the completion of a bullish flag pattern, price encountered a significant obstacle at the key resistance level of 184.400. Notably, during this interaction with the resistance, a bearish divergence has emerged, signaling potential downward pressure. Adding to the bearish sentiment, price has breached the higher low level, situated at 183.560. This breach may attract sellers, creating a potential scenario for renewed bearish momentum.
Looking ahead, it is crucial to monitor the 183.560 level as it now serves as a key resistance-turned-support zone. A sustained dip below this level could reinforce the bearish outlook, with sellers potentially regaining control. On the downside, a critical support level to watch is at 182.200.
In summary, the combination of the bearish divergence, the break of the higher low level, and the resistance at 184.400 suggests a cautious stance. Traders should keep a close eye on the levels mentioned, particularly the 183.560 support-turned-resistance and the critical support at 182.200, to gauge the potential direction of the market.
Looking ahead, it is crucial to monitor the 183.560 level as it now serves as a key resistance-turned-support zone. A sustained dip below this level could reinforce the bearish outlook, with sellers potentially regaining control. On the downside, a critical support level to watch is at 182.200.
In summary, the combination of the bearish divergence, the break of the higher low level, and the resistance at 184.400 suggests a cautious stance. Traders should keep a close eye on the levels mentioned, particularly the 183.560 support-turned-resistance and the critical support at 182.200, to gauge the potential direction of the market.
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60 pips in profit from our entry