Long term trend: Up
Medium term trend: Down
Significant Levels: 1.6270 (Horizontal Resistance), 1.5920 (Horizontal Support), Fibonacci Retracement
The current trend is still down. Although the market is still in the downtrend, if the price will make a Bullish Price action for today's or tomorrow's candle, I would consider going Long as the price is currently in a solid support line right now. If the price will reject this support line, it might be a good opportunity to go Long now as this support was rejected by the market many times now. Therefore, we should take a look on today's price action or the following days' on what might happen. It is also possible that the price will break below the 1.5920 and if this happens, we will disregard our Long trade and would look for a Short one.
For now, we need to wait what the market will do as the price is currently in an important area.
Trade well.
Medium term trend: Down
Significant Levels: 1.6270 (Horizontal Resistance), 1.5920 (Horizontal Support), Fibonacci Retracement
The current trend is still down. Although the market is still in the downtrend, if the price will make a Bullish Price action for today's or tomorrow's candle, I would consider going Long as the price is currently in a solid support line right now. If the price will reject this support line, it might be a good opportunity to go Long now as this support was rejected by the market many times now. Therefore, we should take a look on today's price action or the following days' on what might happen. It is also possible that the price will break below the 1.5920 and if this happens, we will disregard our Long trade and would look for a Short one.
For now, we need to wait what the market will do as the price is currently in an important area.
Trade well.