TECHNICAL ANALYSIS:
-Since the beginning of November, the price has been following an ascending channel, getting a small trend correction on the 24th of the same month, carrying on the same trend.
-Strong volatility and momentum let the price pushes until it reached a resistance zone at about 1.21695, failing several attemps to break it (upbars with small body and long shadows are definitely a sing of uncertainty market).
-On the 16th of December, the price finally broke the resistance zone, moving bullish with a constant movement, trying to reach a strong weekly resistance zone at about 1.24330.
CONCLUSION:
The market is still in a really strong uptrend but very close an important resistance level that rejected the price several times in the past. I believe the market will get a nice correction soon, but at the moment there is still a chance to get a small long position!
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Trade Safe,
Gianni
-Since the beginning of November, the price has been following an ascending channel, getting a small trend correction on the 24th of the same month, carrying on the same trend.
-Strong volatility and momentum let the price pushes until it reached a resistance zone at about 1.21695, failing several attemps to break it (upbars with small body and long shadows are definitely a sing of uncertainty market).
-On the 16th of December, the price finally broke the resistance zone, moving bullish with a constant movement, trying to reach a strong weekly resistance zone at about 1.24330.
CONCLUSION:
The market is still in a really strong uptrend but very close an important resistance level that rejected the price several times in the past. I believe the market will get a nice correction soon, but at the moment there is still a chance to get a small long position!
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
