Long term trend: Down
Medium term trend: Down
Significant Levels: 0.8000 (Significant Round Number), 0.8090 (Horizontal Support), 0.8310 (Horizontal Resistance), Downtrend
As can be seen in the chart, the downtrend line was respected by the market. Currently, the price is near the support area. We are looking for the price to go down further as we are still bearish on this market. As of writing, the price is still going down, therefore, we don't want to enter the market right away. Always trade at significant levels, of course, on the right direction. Never sell at the support and never buy at the resistance. As mentioned, the price is on the support area, on which we cannot place our Short trade. Remember that we will only trade retracements and not the initial move. This means that, for example, if the price broke below the significant number, we will not trade the initial down move, but the retracement of the price back to the support-turned-resistance.
The bottom line here is that, we are still bearish on this market, as that is what the price chart is telling us. For now, we cannot place an order right away as the price is in the support area. Trade well.
Medium term trend: Down
Significant Levels: 0.8000 (Significant Round Number), 0.8090 (Horizontal Support), 0.8310 (Horizontal Resistance), Downtrend
As can be seen in the chart, the downtrend line was respected by the market. Currently, the price is near the support area. We are looking for the price to go down further as we are still bearish on this market. As of writing, the price is still going down, therefore, we don't want to enter the market right away. Always trade at significant levels, of course, on the right direction. Never sell at the support and never buy at the resistance. As mentioned, the price is on the support area, on which we cannot place our Short trade. Remember that we will only trade retracements and not the initial move. This means that, for example, if the price broke below the significant number, we will not trade the initial down move, but the retracement of the price back to the support-turned-resistance.
The bottom line here is that, we are still bearish on this market, as that is what the price chart is telling us. For now, we cannot place an order right away as the price is in the support area. Trade well.