TECHNICAL ANALYSIS:
-The price was following a strong uptrend when it broke an important weekly resistance zone at about 0.70273; Once the momentum and volatility started becoming weak, the price collapsed inverting the trend.
- The price then, bounced on a strong support area, creating a correction of the trend, matching with the 0.61% Fibonacci retracement. (The price was oversold and it was getting a strong momentum, sign of a trend inversion.)
-The market started an ascending channel, clearly bouncing between the support and resistance of the channel.
CONCLUSION:
The market seems to be very strong, few days ago the price bounced on the channel's support and started a new uptrend trying to reach one more time an important weekly resistance zone.
Lot of traders would like to open a trade just now, that's not wrong if you consider that the price is getting high volatility and strong momentum.
I'd prefer to get one more confermation, but don't lose this great opportunity!
POTENZIAL PROFIT: 120 PIPS
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
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Trade Safe,
Gianni
-The price was following a strong uptrend when it broke an important weekly resistance zone at about 0.70273; Once the momentum and volatility started becoming weak, the price collapsed inverting the trend.
- The price then, bounced on a strong support area, creating a correction of the trend, matching with the 0.61% Fibonacci retracement. (The price was oversold and it was getting a strong momentum, sign of a trend inversion.)
-The market started an ascending channel, clearly bouncing between the support and resistance of the channel.
CONCLUSION:
The market seems to be very strong, few days ago the price bounced on the channel's support and started a new uptrend trying to reach one more time an important weekly resistance zone.
Lot of traders would like to open a trade just now, that's not wrong if you consider that the price is getting high volatility and strong momentum.
I'd prefer to get one more confermation, but don't lose this great opportunity!
POTENZIAL PROFIT: 120 PIPS
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
Trade Safe,
Gianni
