From the chart I would probably estimate the price to be on:
1. Uptrend for short/immediate term movement based on my Daily chart analysis. The price seems like continuing the rally pattern right away from the forming of two previous engulfing candlestick pattern. It would be strong short term bullish indication with the break of major bearish trendline spotted on both 4H & Daily timeframe . To support the above, the price is located above 50EMA and 20EMA based on the 4H chart.
2. Downtrend for long term movement based on my weekly chart analysis. There is a major wick rejection candle spotted as soon as it reached the top BB and continued forming a long bearish engulf candlestick pattern. It may seems like the price is in its retracement period which we dealt in Daily and 4H timeframe as short term bullish movement. Best to use Fibo line on these weekly chart to spot the retracement level which usually happen in between 38.2%, 50% & 61.8% level
* its best to look for the price action before we take any position with proper RR and lot sizes. The chart is solely based on my observation towards technical perspectives. Any news or fundamental impacting the movement of market is beyond of my comprehension
1. Uptrend for short/immediate term movement based on my Daily chart analysis. The price seems like continuing the rally pattern right away from the forming of two previous engulfing candlestick pattern. It would be strong short term bullish indication with the break of major bearish trendline spotted on both 4H & Daily timeframe . To support the above, the price is located above 50EMA and 20EMA based on the 4H chart.
2. Downtrend for long term movement based on my weekly chart analysis. There is a major wick rejection candle spotted as soon as it reached the top BB and continued forming a long bearish engulf candlestick pattern. It may seems like the price is in its retracement period which we dealt in Daily and 4H timeframe as short term bullish movement. Best to use Fibo line on these weekly chart to spot the retracement level which usually happen in between 38.2%, 50% & 61.8% level
* its best to look for the price action before we take any position with proper RR and lot sizes. The chart is solely based on my observation towards technical perspectives. Any news or fundamental impacting the movement of market is beyond of my comprehension