TECHNICAL ANALYSIS:
-The 2nd of December the price broke an important weekly support level, during a bearish movement with high volatility, concluded with a rejection on the support line at about 0.88532.
-The market started a consolidation phase, failing any attempt to break a daily resistance zone at about 0.89058, before to fall down until the price touched a new support zone at 0.88203.
-Three clear bounces on the support zone, let the market creating a triple bottom pattern, usually a reversal pattern, getting strenght enough to move the trend in a bullish movement.
CONCLUSION:
The price is getting strong momentum, essential if we are looking for a long position, and also, it just reached the ema 50.
Before the get any long position, I'll study the price action around the ema 50 and the resistance zone at 0.89047.
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Trade Safe,
Gianni
-The 2nd of December the price broke an important weekly support level, during a bearish movement with high volatility, concluded with a rejection on the support line at about 0.88532.
-The market started a consolidation phase, failing any attempt to break a daily resistance zone at about 0.89058, before to fall down until the price touched a new support zone at 0.88203.
-Three clear bounces on the support zone, let the market creating a triple bottom pattern, usually a reversal pattern, getting strenght enough to move the trend in a bullish movement.
CONCLUSION:
The price is getting strong momentum, essential if we are looking for a long position, and also, it just reached the ema 50.
Before the get any long position, I'll study the price action around the ema 50 and the resistance zone at 0.89047.
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.