M1 : Volatility, volatility and volatility...
W1 : Watch weekly pivot level @ 0.4108. In this time
frame, only a sustainable recovery above that level, would
neutralise the ongoing downside risk
D1 : Ongoing downtrend still in place; Tenkan-Sen has been
briefly tested today. A daily closing above TS and above the ongoing
downtrend line resistance would be the first warning of a potential trend
reversal (not likely ¨)
H4 : Recent and current corrective recovery is facing a tough resistance area
to break (clouds resistance zone) which should be seen as the area to break on the
upside and on the downside, watch the cluster @ 0.3340, as a failure to hold above
this area would open the door for lower levels towards the 0.3000 area again.
H1: Mid Bollinger Band (0.3427) under attack. Watch KS (0.3380) as first significant
support level and on the upside the level of the former uptrend support line, currently
@ 0.3800
M30 : Potential double top formation in progress with its trigger level @ 0.3450. If confirmed
target is @ 0.3100 which is also roughly the middle of the M30 clouds support zone.
M15 : Currently attempting to recover above the clouds.
M5 : Below the clouds which became new resistance to break
CONCLUSION :
A SUSTAINABLE MOVE ABOVE 38.00 WOULD FORCE TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO
CALLING FOR A DOWNSIDE MOVE TOWARDS THE 0.3000 AREA FIRST.
Ironman8848
W1 : Watch weekly pivot level @ 0.4108. In this time
frame, only a sustainable recovery above that level, would
neutralise the ongoing downside risk
D1 : Ongoing downtrend still in place; Tenkan-Sen has been
briefly tested today. A daily closing above TS and above the ongoing
downtrend line resistance would be the first warning of a potential trend
reversal (not likely ¨)
H4 : Recent and current corrective recovery is facing a tough resistance area
to break (clouds resistance zone) which should be seen as the area to break on the
upside and on the downside, watch the cluster @ 0.3340, as a failure to hold above
this area would open the door for lower levels towards the 0.3000 area again.
H1: Mid Bollinger Band (0.3427) under attack. Watch KS (0.3380) as first significant
support level and on the upside the level of the former uptrend support line, currently
@ 0.3800
M30 : Potential double top formation in progress with its trigger level @ 0.3450. If confirmed
target is @ 0.3100 which is also roughly the middle of the M30 clouds support zone.
M15 : Currently attempting to recover above the clouds.
M5 : Below the clouds which became new resistance to break
CONCLUSION :
A SUSTAINABLE MOVE ABOVE 38.00 WOULD FORCE TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO
CALLING FOR A DOWNSIDE MOVE TOWARDS THE 0.3000 AREA FIRST.
Ironman8848
