The Multiple weekly pin bars mark 46.50 area as a major long term support and a key directional level, i mean by directional here a main influence to price action. Holding above that support keeps the overall bullish trend intact. Although we have seen signs of topping in the past few months, as the bullish trend hasn't been as strong as earlier stages.
Price completed a bearish shooting star candle last week, hinting we might see another push and retest of 46.50 support level, which coincides with the main 52-week SMA and just above the main support of the long term rising channel.
Accordingly, I believe this area is technically major, watch out for a break below it as it may signal a strong bearish reversal.
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Price completed a bearish shooting star candle last week, hinting we might see another push and retest of 46.50 support level, which coincides with the main 52-week SMA and just above the main support of the long term rising channel.
Accordingly, I believe this area is technically major, watch out for a break below it as it may signal a strong bearish reversal.
twitter.com/thefxchannel
thefxchannel.com Your input is valuable, please visit this page and vote in the provided poll. Appreciated.