Hi Traders!
We have a bear channel setup here. The market has been slowly drifting down. We can see this with the price action showing lower highs and lower lows, resistance swings have been getting lower.
We are looking for a momentum break and close of the 1.24145 level. If this happens, the psychological level of 1.24000 is the next level to watch out for.
Please do not forget to like, comment and follow.
We appreciate your support.
BluetonaFX
We have a bear channel setup here. The market has been slowly drifting down. We can see this with the price action showing lower highs and lower lows, resistance swings have been getting lower.
We are looking for a momentum break and close of the 1.24145 level. If this happens, the psychological level of 1.24000 is the next level to watch out for.
Please do not forget to like, comment and follow.
We appreciate your support.
BluetonaFX
Note
We seem to have found some support near 1.24000 level.
From here, we need to see how the market reacts. If there is a swing high to come and it is still lower than previous swing high then we are still in downtrend, if not then we may be in a reversal to the bearish trend.
BluetonaFX
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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.