D1 : Recent price action is showing a trend reversal in progress. Indeed, last Friday a "doji" (uncertainty and indecision) took place which has been followed yesterday by a bearish engulfing pattern ! Today's ongoing price action continue to move to the downside. Watch carefully the Tenkan-Sen or Conversion Line, currently @ 1.6140 as the first important support and last but not least, at the MID BOLLINGER BAND, "T H E L E A D I N G I N D I C A T O R", currently @ 1.5620 as a pivot level for the ongoing session (s) If you find my analysis valuable for your trading, please do not forget to like and follow me Have a nice trading day All the best Ironman8848
Comment
Yesterday's price action triggered a long black candle with its closing nearly at the bottom which is a bearish (yield !) confirmation of the expected scenario. In addition the first support (Tenkan-Sen & Conversion line) has been broken. As mentioned yesterday, the main and most important support level to watch at now is the Mid Bollinger Band, currently @ 1.5710. A daily closing below that point would open the door for lower level towards 1.50 (Kijun-Sen) ahead of 1.3860 former congestion support zone.
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