Bullish Arguments: Major Hammer at key support Hidden Bullish Divergence Overall Trend Remains Bullish
Bearish Arguments: Short term trend line+50-days SMA Break.
Possible Scenarios: -I expect a bounce and a retest of the 50-days SMA and 1.5292 resistance area. -Bullish resumption will probably be confirmed above the latter resistance, targeting 1.5550 areas. -A reversal and break below 1.5028 support would be a serious bearish signal.
Comments
nmike
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having difficulties rising above a key resistance but currently finding support at a minor pivot level,I suspect it eventually breaks to the upside
Technician
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Yeah very major resistance,
Technician
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Also what is a bit concerning is failure to hold above 1.5460
I think positivity remains intact, unless we break below 1.5030 key support