After bouncing from the downtrend line, the price dropped to the support zone at 160.00 level. The price action in this zone will show us further market movements.
This zone includes the uptrend line which makes it solid. If the price bounces from the support, the market will be able to move back to the downtrend line. If the price can break this resistance, we will get a signal confirming the upward movement to the previous highs at 185.00 and probably 200.00 levels.
If the price breaks the support zone, the market will give a strong bearish signal. We should be ready to see the falling to another support zone between 140.00 and the main uptrend line. This zone will be good for buying as it's strong and it can be the perfect reversal zone for the market based on the higher timeframes. Opening long positions based on confirmed reversal signals will be a good investment for the long run.
This zone includes the uptrend line which makes it solid. If the price bounces from the support, the market will be able to move back to the downtrend line. If the price can break this resistance, we will get a signal confirming the upward movement to the previous highs at 185.00 and probably 200.00 levels.
If the price breaks the support zone, the market will give a strong bearish signal. We should be ready to see the falling to another support zone between 140.00 and the main uptrend line. This zone will be good for buying as it's strong and it can be the perfect reversal zone for the market based on the higher timeframes. Opening long positions based on confirmed reversal signals will be a good investment for the long run.
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