TECHNICAL ANALYSIS:
-The price was moving in uptrend, strong volumes, high volatility and momentum confirmed this big movement, once it reached the resistance zone at 113.290, the level rejected it twice, make the market falling down.
-The price then bounced two times on the support level at 113.802, creating a clear DOUBLE BOTTOM Pattern. During the second bounce, the price was oversold and accumulating a strong momentum, in fact it started going up failing the retest of the same support.
-The price actually is not strong enough to carry on, it started an inversion and it seems to be confirmed by 3 clead DOWN BARS.
CONCLUSION:
I aspect the price falling down for at least 100-120 pips, monitoring also the H4 time frame we can see that the price broke the Ema 50, restesting it.
let me know if you like my idea, leave a LIKE, COMMENT AND SUBSCRIBE for more FREE Analysis like this!
trade safe!
Gianni
-The price was moving in uptrend, strong volumes, high volatility and momentum confirmed this big movement, once it reached the resistance zone at 113.290, the level rejected it twice, make the market falling down.
-The price then bounced two times on the support level at 113.802, creating a clear DOUBLE BOTTOM Pattern. During the second bounce, the price was oversold and accumulating a strong momentum, in fact it started going up failing the retest of the same support.
-The price actually is not strong enough to carry on, it started an inversion and it seems to be confirmed by 3 clead DOWN BARS.
CONCLUSION:
I aspect the price falling down for at least 100-120 pips, monitoring also the H4 time frame we can see that the price broke the Ema 50, restesting it.
let me know if you like my idea, leave a LIKE, COMMENT AND SUBSCRIBE for more FREE Analysis like this!
trade safe!
Gianni
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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.