H1 : Ongoing bearish price action, confirmed by a breakout of the clouds
H4 : Triangle breakout confirmed. Target 0.4348. Intermediate targets being :
T1 : 0.4980
T2 : 0.4372
D1 : Yesterday,s closing @ 0.5818 which was below the pivot level of 0.5965
triggered a Dark cloud cover pattern (warning mentioned yesterday !)
In addition, the ongoing D1 price action, long black candle, is for the time being
confirming an ongoing selling pressure.
As for H4 the next significant support area to watch at is @ 0.4980, which is both
the 38.2% Fib ret of the 0.1795-0.6950 rally) and the current support uptrend line.
A failure to hold and stay above that level would add more selling pressure in opening
the door for the triangle technical target above mentioned.
CONCLUSION :
Watch all time frames on a ongoing screening process, starting from M5 in order to get
early signal (s) of a trend reversal.
Ironman8848
H4 : Triangle breakout confirmed. Target 0.4348. Intermediate targets being :
T1 : 0.4980
T2 : 0.4372
D1 : Yesterday,s closing @ 0.5818 which was below the pivot level of 0.5965
triggered a Dark cloud cover pattern (warning mentioned yesterday !)
In addition, the ongoing D1 price action, long black candle, is for the time being
confirming an ongoing selling pressure.
As for H4 the next significant support area to watch at is @ 0.4980, which is both
the 38.2% Fib ret of the 0.1795-0.6950 rally) and the current support uptrend line.
A failure to hold and stay above that level would add more selling pressure in opening
the door for the triangle technical target above mentioned.
CONCLUSION :
Watch all time frames on a ongoing screening process, starting from M5 in order to get
early signal (s) of a trend reversal.
Ironman8848
Comment:
H1 : watch carefully at the ongoing H1 closing level (clouds top important resistance level !)
