After crossing below weekly uptrend channel on Brexit, price action has again re-tested lower band's resistance but was unable to close above it stopped by the confluing horizontal weekly resistance line at 1.1197, before retracing to its closing level confluence of upper Bollinger band and SMA55.
Since May 3rd pin candlestcik a new downtrend channel has emerged with upper band resistance sitting around 1.1223.
I am going short with stop-loss above next weekly Fibonacci 0.236 retracement level (1.12926)
Comments
Filipo1
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One more resistance I forgot to mention yesterday: on the weekly chart the SMA20 Bollinger middle band remains unbroken.
Of course one could argue about the bullish engulfing on last candlestick but looking at recent similar pattern it is not really convincing as a bullish continuation signal as shown on March 28 and May 30 candlesticks.
stream
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true 1.12 is 3 time resistance so back down to 1.0765
Of course one could argue about the bullish engulfing on last candlestick but looking at recent similar pattern it is not really convincing as a bullish continuation signal as shown on March 28 and May 30 candlesticks.