M1 : Roughly at the 61.8 % Fib ret (0.3941
W1 : Weekly pivot level @ 0.4715
D1 : In an ongoing downtrend; recovery from the
bottom purely corrective, Below the cluster
H4 : Below the clouds and below the Mid Bollinger Band.
Watch 0.4200 on the upside and 0.3700-0.3650 on the downside.
A breakout of one of those levels will give the direction for the upcoming
trading hours.
H1 : Above the clouds, but below the former uptrend line support.
Below cluster of MBB and TS
Watch 0.4200 on the upside and 0.3825 on the downside on this H1 time frame
M30 : Currently in a sideways price action and testing the clouds support zone
The bottom of the clouds support zone also coincides with the H4 support above mentioned.
M15 : Below the cluster and testing the bottom of the clouds !
M5 : Below the clouds and below the cluster
CONCLUSION :
GLOBAL PICTURE REMAINS HEAVY AND AS ABOVE MENTIONED RECENT PRICE ACTION SHOULD NOT BE SEEN
AS A STRATEGIC TREND REVERSAL YET !! BUT ONLY AS A "NICE" CORRECTIVE MOVE IN A BROAD BEAR TREND
WHICH PROVIDED EXCELLENT TACTICAL TRADING OPPORTUNITIES HAVING IN MING A TIGHT RISK MANAGEMENT
APPROACH :-)
W1 : Weekly pivot level @ 0.4715
D1 : In an ongoing downtrend; recovery from the
bottom purely corrective, Below the cluster
H4 : Below the clouds and below the Mid Bollinger Band.
Watch 0.4200 on the upside and 0.3700-0.3650 on the downside.
A breakout of one of those levels will give the direction for the upcoming
trading hours.
H1 : Above the clouds, but below the former uptrend line support.
Below cluster of MBB and TS
Watch 0.4200 on the upside and 0.3825 on the downside on this H1 time frame
M30 : Currently in a sideways price action and testing the clouds support zone
The bottom of the clouds support zone also coincides with the H4 support above mentioned.
M15 : Below the cluster and testing the bottom of the clouds !
M5 : Below the clouds and below the cluster
CONCLUSION :
GLOBAL PICTURE REMAINS HEAVY AND AS ABOVE MENTIONED RECENT PRICE ACTION SHOULD NOT BE SEEN
AS A STRATEGIC TREND REVERSAL YET !! BUT ONLY AS A "NICE" CORRECTIVE MOVE IN A BROAD BEAR TREND
WHICH PROVIDED EXCELLENT TACTICAL TRADING OPPORTUNITIES HAVING IN MING A TIGHT RISK MANAGEMENT
APPROACH :-)
