Just touching our bearish trend line, we have two double tops coming together to make a bigger double top. Trend line and the structure that we see here also coincide with historical support and resistance area, aswell as the round even number 0.9500 which price has yet failed to violate.
Above could very well be reason enough to see a bearish rotation where I see multiple potential targets. Main targets are 0.9440 and 0.9400. Longer term target is 0.9300.
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Target 1 has been hit, some profit bagged. Moving stop loss to entry
did u get stopped out? still potential down movement or did it break ur structure?
timmynorin
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@AlexandreFXKG, Hey! Yes, the remaining position got stopped out at break even.
I had initially planned to reenter at retest of 0.94900. (You can even see on the chart below where I had marked out to enter if the price reached there. And it did, however I did not really see the type of confirmation that I would like. Therefore I did not enter.)
We still have not closed above 0.9500 and therefore still bearish. I am however more or less a spectator now since we're forming a triangle. We could see a break on either side. There could be people buying into the cypher which you can also see on the chart below. This however does not necessary mean that we get steam enough to shoot up above 0.95, but it could make the bouncing continue.
Nice one cheers!