The price has retraced back towards the long term rising channel support, which was broken earlier, and turned to a resistance now. The recent shorter term pullback is taking the shape of an inverted head and shoulders bottom formation. Interestingly, the neckline of the formation coincided with the main broken channel in addition to the 50-days simple moving average and the falling trend line for the overall bearish wave started from 1.3855 high.
Shorting looks appealing to me at this area, with a stop and reverse order above this area.
Good Morning! I wanted to ask your opinion about the weekly chart. Are you looking at the weekly 50 SMA as a major point of resistance in your analysis? I'm using the weekly and the daily chart in my analysis.
Thanks