TECHNICAL ANALYSIS:
-During the previous days, once the market reached an important Resistance area at 0.7377, the price was rejected and not able to reach it again, it started going Bearish (several Candles with a short body and long shadow were potentially a sign of a weak market);
-The price then bounced on the support level at 0.7021, during the second bounce it started going up with strong Volumes.
-The market started following a really strong and clear Ascending Channel since the 12th on November, keeping the price constantly over the Ema 20.
CONCLUSION:
I aspect the price going Short, it actually reached the resistance of the channel and seems to be not strong enough to push more. The price is overbough since the beginning of November, with the H4 time frame I can also see that the price is so close to the Ema 50, I'll probably open a short position once it will break and restest it.
Hopefully you can enjoy my idea, if you like it, just let me know, write a comment and share your ideas!
-During the previous days, once the market reached an important Resistance area at 0.7377, the price was rejected and not able to reach it again, it started going Bearish (several Candles with a short body and long shadow were potentially a sign of a weak market);
-The price then bounced on the support level at 0.7021, during the second bounce it started going up with strong Volumes.
-The market started following a really strong and clear Ascending Channel since the 12th on November, keeping the price constantly over the Ema 20.
CONCLUSION:
I aspect the price going Short, it actually reached the resistance of the channel and seems to be not strong enough to push more. The price is overbough since the beginning of November, with the H4 time frame I can also see that the price is so close to the Ema 50, I'll probably open a short position once it will break and restest it.
Hopefully you can enjoy my idea, if you like it, just let me know, write a comment and share your ideas!
