After the impulsive selling from Tuesday, price has been in a corrective structure for almost twice the time than the impulsive move. At both extremes of the impulsive move there are two zones of interest for price to react to.
As we can see on the chart, price already has touched the buying zone by the pip and have slowly reached a decent 70 pips profit already.
Right now, price just touched the selling zone, so we might consider what could happen here. From an overall perspective, looking at this chart, the context in long term is bearish, medium term is bearish as well and short term is bearish (almost bullish, but not until price close above the resistance level in which it is right now).
So having the context clear and taking into consideration that price is at a selling zone and the RSI is showing bearish divergence, I think this zone will make price drop at least until the beginning of the buying zone, where it can struggle.
Let's see what happens, good luck everyone!!
As we can see on the chart, price already has touched the buying zone by the pip and have slowly reached a decent 70 pips profit already.
Right now, price just touched the selling zone, so we might consider what could happen here. From an overall perspective, looking at this chart, the context in long term is bearish, medium term is bearish as well and short term is bearish (almost bullish, but not until price close above the resistance level in which it is right now).
So having the context clear and taking into consideration that price is at a selling zone and the RSI is showing bearish divergence, I think this zone will make price drop at least until the beginning of the buying zone, where it can struggle.
Let's see what happens, good luck everyone!!