Yesterday we looked at the potential for an upside move up to 1,1420 a 1,1540.
What we saw yesterday, confirms again that same idea. The initial drop and sharp pullback together with a breakout of the previous highs indicates for another upside move above 1,1400.
Be careful with the zone that we looked at on the H4 timeframe.
Watch out for our daily analysis to see the development of this setup!
The price is making some ups and downs inside the correction area. As long as it will be there we can see it moving lower again before the big bullish wave. I agree with your perspective:)
@jcgarciasigma, The arrow doesn't show a specific level, just the idea that price will reach the zone :) If we want to point out an exact level we would put a label on the chart
jcgarciasigma
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@ForexTrendline, thank you. are you still expcting a drop? if yes, why? thank you forextrendline
ForexTrendline
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@jcgarciasigma, Because if you look up the 4H timeframe you will see that the main direction is downwards. Then price holds sideways and we're definitely expecting a continuation of that downside move. Even though there's some bullish pressure now, we identify a zone where we expect the market to reverse and continue downwards.