Reasons:
1) It is at %23.6 major Fibonacci level.
2) 2 Major pitchfork parallels acting as strong resistance for the last 3 years.
3) Using cyclic lines pattern the previous key lines were two key pivotal points
4) It is overbought
The bearish move would be validated by another significant red candle following this pin bar.
On the daily time frame, a close above 0.76559 is required to confirm the bullish move.
The overall longterm bias is bullish.
See the related post:
1) It is at %23.6 major Fibonacci level.
2) 2 Major pitchfork parallels acting as strong resistance for the last 3 years.
3) Using cyclic lines pattern the previous key lines were two key pivotal points
4) It is overbought
The bearish move would be validated by another significant red candle following this pin bar.
On the daily time frame, a close above 0.76559 is required to confirm the bullish move.
The overall longterm bias is bullish.
See the related post:
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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.