The market looks overbought and it should correct the previous upward movement. The price is at 1.25000 level which can stop and reverse the market. RSI is in the overbought zone and it can confirm price reversal like a reversal candlestick pattern. MACD histogram supports possible downward movement. In order to catch this movement, pending orders for sell can be placed at 1.23500 with stop orders at 1.25500 level. Profit targets are SMA20, SMA50. If the price breaks 1.20000 level, we should be ready to see the falling to 1.16000 support level. The levels for fixing profits also will be good for buying based on confirmed price reversal signals.
Really great analysis, seems to be following the pattern as well! Quick question, how come the support wouldn't be at 1.17300? It hits three times now?
khansalarehsan
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Thanks for your analysis. I have a slightly different idea. But thanks for your great analysis.