Price is in a descending channel at the moment. The descending channel coincides with monthly Kumo resistance at 1.67452. Price was soundly rejected at his level.
Price will likely come back to test daily Kijun support at 1.65251. This is also the top of the 4H Kumo. If this breaks then there is a strong probability of price going through the Kumo as it will be at its thinnest.
The next support level will be 1.63503 which is daily Kumo support and 50% of width of channel.
Comments
kgmoney
⋅
wow, very nice call :)
AshleyWeyers
⋅
Thanks
AshleyWeyers
⋅
Price has dropped faster than anticipated. There may be a brief rally to test top of Kumo, or steady downward pressure from top of Kumo to Kijun forcing break.