Last week we were looking at a weaker upside move.
This week we are looking at which levels we could see next.
Right now, price is in a nice downtrend and already breaking below previous lows, after it’s made a correction.
This pullback is also known as a Pennant in technical analysis.
Based on this figure and on the trend we should see a downside continuation.
We’ve marked the 1736-1804 zone as a support zone at which we’re going to be looking for price reaction. In case of a reversal candles we recommend closing out selling positions.
It’s still early for buying opportunities and we don’t suggest looking for any on this timeframe!