It can be interesting to look for market structure on lower time-frames during times of uncertainty.
Zooming in to a 1-hour chart we see a small consolidation range forming, including the hammer reversal candle with a long wick which has formed a support level.
If price breaches the lower horizontal support line, the 3% downwards target becomes a lot more likely.
If price bounces off that lower horizontal than we're likely to see a quick rally up the upper horizontal resistance.
How to trade this kind of narrow trading range?
Consider using algo-assisted backtested signals where you get to choose the indicators and parameters. Visit SparksterSignals platform to view member created signals and how they are currently performing in today's market.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
Zooming in to a 1-hour chart we see a small consolidation range forming, including the hammer reversal candle with a long wick which has formed a support level.
If price breaches the lower horizontal support line, the 3% downwards target becomes a lot more likely.
If price bounces off that lower horizontal than we're likely to see a quick rally up the upper horizontal resistance.
How to trade this kind of narrow trading range?
Consider using algo-assisted backtested signals where you get to choose the indicators and parameters. Visit SparksterSignals platform to view member created signals and how they are currently performing in today's market.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
Note
The lower level was tested, with another strong long wick suggesting thrust to the upside. 
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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.
Related publications
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.