The market confirmed the bearish trend
reversal and a new bullish trend
. Now the price is at the support zone
formed by SMA200, SMA50, the local uptrend line and 10.00 support level
. This zone looks solid and it can be good for holding the falling market. If the price stays above this zone, we will be able to expect a new upward movement starting from 10.00 level or just around it. For confirmation the strength of buyers the price will have to break the local downtrend line.
If the price breaks the support zone
, the 2nd one will be lower at the main uptrend line and SMA100. The price bouncing from this zone also will be good for buying based on reversal signals. These signals will be good for buying in short, medium and long terms. Stop orders should be placed below the main uptrend line and the local swing low.