Long term trend: Down
Medium term trend: Up
Significant Levels: 0.9680 (Horizontal Resistance), 0.9540 (Horizontal Support), Fibonacci Retracement
The resistance was recognized by the market. Price is now forming a consolidation. We are still bullish with this pair. What we are looking for here is for the price to touch the support line, then bounce back up and continue its trend. This is the ideal scenario that we could trade here. It is also possible that the price might break above the resistance without going back down first to the support. That would be another case for us. For now, there is definitely no trade for us as the price is near the resistance level and we don't want to be placing a buy position near that level.
Trade well.
Medium term trend: Up
Significant Levels: 0.9680 (Horizontal Resistance), 0.9540 (Horizontal Support), Fibonacci Retracement
The resistance was recognized by the market. Price is now forming a consolidation. We are still bullish with this pair. What we are looking for here is for the price to touch the support line, then bounce back up and continue its trend. This is the ideal scenario that we could trade here. It is also possible that the price might break above the resistance without going back down first to the support. That would be another case for us. For now, there is definitely no trade for us as the price is near the resistance level and we don't want to be placing a buy position near that level.
Trade well.