Long term trend: Up
Medium term trend: Down
Significant Levels: 1.5590 (Horizontal Support), 1.5920 (Horizontal Resistance), Downtrend Line
After the market had gone beyond the downtrend line, the price made a sudden move down. Though this move didn't form immediately when the price went above the trend line, it's still an indication that the market really wants to go down. After the Large Bearish Bar was formed, the price just retraced a bit before breaking the support-turned-resistance level. Currently, the price is just below the resistance and the downtrend line. There is no obvious price action here right now that we can trade. We need to wait for an opportunity to present itself.
In summary, we are still bearish here. We'll wait for a retracement back to the resistance area and form a bearish price action before we can place our order.
Trade well.
Medium term trend: Down
Significant Levels: 1.5590 (Horizontal Support), 1.5920 (Horizontal Resistance), Downtrend Line
After the market had gone beyond the downtrend line, the price made a sudden move down. Though this move didn't form immediately when the price went above the trend line, it's still an indication that the market really wants to go down. After the Large Bearish Bar was formed, the price just retraced a bit before breaking the support-turned-resistance level. Currently, the price is just below the resistance and the downtrend line. There is no obvious price action here right now that we can trade. We need to wait for an opportunity to present itself.
In summary, we are still bearish here. We'll wait for a retracement back to the resistance area and form a bearish price action before we can place our order.
Trade well.