I am sharing a weekly chart with one channel detected inside a falling wedge-like pattern. Current engulfing candle suggests further downside towards 1680 level. Failing to hold could send prices quickly to low 1600. Fundamentally speaking there are no relevant factors to support another leg up at the time of writing.
Bulls need to start climbing fast and clear 1800 psychological level followed by 1960.
I'm inclined to follow the current downtrend.
Bulls need to start climbing fast and clear 1800 psychological level followed by 1960.
I'm inclined to follow the current downtrend.
Trade active:
Nailed it. Another support found and price is going down as expected. As long as we keep inside the falling channels we have to keep holding shorts. Next target to clear out is 1650ish
Trade active:
Bulls gain some steam thanks to low volumes and algo trading mainly. Big fat fingers will show us their move on tomorrow's session. With current data coming from USA and new lockdowns in Europe price could be moving sideways either.
My goal still the same: 1600 level
My goal still the same: 1600 level