TECHNICAL ANALYSIS:
-In June 2020, the price broke a strong weekly support zone, failing any attempt to break it during a retest;
The price, at that time overbought, started losing momentum, falling down until it reached the support zone at about 1.3000.
-The support level rejected the market, creating a correction of the trend perfectly matching with the 0.50% Fibonacci retracement.
-The price created a new support zone at about 1.3400, it retested that twice before falling down creating a nice falling wedge.
CONCLUSION:
The market is getting momentum, the falling wedge pattern has been broken on the 18th of December and the price actually reached a resistance zone.
I aspect a small correction before to see the price explode in a bullish movement.
If you are looking to entry long, I suggest to wait the price breaking first the resistance level at 1.3000.
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Trade Safe,
Gianni
-In June 2020, the price broke a strong weekly support zone, failing any attempt to break it during a retest;
The price, at that time overbought, started losing momentum, falling down until it reached the support zone at about 1.3000.
-The support level rejected the market, creating a correction of the trend perfectly matching with the 0.50% Fibonacci retracement.
-The price created a new support zone at about 1.3400, it retested that twice before falling down creating a nice falling wedge.
CONCLUSION:
The market is getting momentum, the falling wedge pattern has been broken on the 18th of December and the price actually reached a resistance zone.
I aspect a small correction before to see the price explode in a bullish movement.
If you are looking to entry long, I suggest to wait the price breaking first the resistance level at 1.3000.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
Trade Safe,
Gianni
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.
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.