Last week was a great week for Bears, however it seems that Bull managed to save the Weekly and Daily close - in perfection!
Fridays down move got stopped on the 1D 60 EMA and an older SR level. The weekly and daily close also was spot on the 61 Fib level from the recent upmove. Even if last week was extremly bearish, we should not forget that we are still in an upward channel! This channel has some space left for bears, but extremly limited.
Whats possible now? 1. Rejected and back on Bull for new highs 2. Rejected and back to build an Head&Sholders over the next days. -> Ranging market 1.30 - 1.31 3. We continue the Bear Trend and Break the weekly up Channel downwards.
My money goes on 2 then 1.
Do not forget that next weekly is extremly charged with fundamentals, Votings! Those can interfer with technicals at any moment. So stay safe and trade safe!
Cheers DB
Trade closed: target reached
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It badly reversed as expected! Happy, all targets reached.