Sometimes it's worth to look at the weekly, even the monthly chart. Especially for day traders.
On the major of the majors, the recent move (starting from June 2021) is an impulse on the monthly, that happened to bump into the monthly target fibo 138.2 and almost a very decent monthly breakout from 2002.
RSI on seems to be heavily oversold on both TFs.
Sooner or later such a steep impulse move needs a correction. It doesn't mean that it won't reach the monthly breakout zone (short trend is still valid), it only means that some time in the future we'll see a correction that will last weeks, even months.
Time will tell.... what do you think?
Trade safe! ⚪️⚫️
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ANYWAY, a lot of Qs about the direction of the price. But it doesn't matter.
WE JUST REACT!
Remember that trading is a business.
SIZE your TRADES according to your risk aversion!
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On the major of the majors, the recent move (starting from June 2021) is an impulse on the monthly, that happened to bump into the monthly target fibo 138.2 and almost a very decent monthly breakout from 2002.
RSI on seems to be heavily oversold on both TFs.
Sooner or later such a steep impulse move needs a correction. It doesn't mean that it won't reach the monthly breakout zone (short trend is still valid), it only means that some time in the future we'll see a correction that will last weeks, even months.
Time will tell.... what do you think?
Trade safe! ⚪️⚫️
--------------------------------------------------------------------------------
ANYWAY, a lot of Qs about the direction of the price. But it doesn't matter.
WE JUST REACT!
Remember that trading is a business.
SIZE your TRADES according to your risk aversion!
----------------------------------------------------------
Comment:
I'm keen to read your opinion.
