Price has found support by the 0.875 level and is trading within
a narrow descending channel. Currently it is attempting to
break above the resistance at 1.60, which is also a higher timeframe
pivot cluster. If we see price shoot up and close above the 1.60
level it may spur more upside with ultimate resistance by the lower
end of the Cloud. Bulls would like to see a Cloud twist and
a break above the Cloud but firstly a breakout from the
channel. The yet untraded Weekly pivot point at 2.05
could also be a target for a breakout.
If price fails and close below 1.30, 1.19 support is the Daily
pivot point and below that the previous low and S/R level
at 0.875 and if that also is taken out, we are looking at
the lower end of the channel for support and the
S1 cluster around 0.60.
Overall, price is in a bear trend at the top of its range
and chances are the pattern continues, unless we see
a breakout of the channel. The 1.60 level is very critical in
the short term.
If you want to support this channel check out the
profile page at the top for details. Thanks.
a narrow descending channel. Currently it is attempting to
break above the resistance at 1.60, which is also a higher timeframe
pivot cluster. If we see price shoot up and close above the 1.60
level it may spur more upside with ultimate resistance by the lower
end of the Cloud. Bulls would like to see a Cloud twist and
a break above the Cloud but firstly a breakout from the
channel. The yet untraded Weekly pivot point at 2.05
could also be a target for a breakout.
If price fails and close below 1.30, 1.19 support is the Daily
pivot point and below that the previous low and S/R level
at 0.875 and if that also is taken out, we are looking at
the lower end of the channel for support and the
S1 cluster around 0.60.
Overall, price is in a bear trend at the top of its range
and chances are the pattern continues, unless we see
a breakout of the channel. The 1.60 level is very critical in
the short term.
If you want to support this channel check out the
profile page at the top for details. Thanks.
