Price is now showing clear rejection of the upper trend line. Bulls tried a couple of times to push through, but look exhausted now and bears are stepping in. Yesterdays bar clearly shows rejection of the 0.9600 level and also engulf the previous 2 days bars.
I'm hoping that price will now head to trend line support at 0.9100, but there is also previous support at 0.9200, so may be better to take profits early or watch carefully.
Trade active
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Price has now broken the trend line and is showing us clear signs of weakness. Obviously after such a strong uptrend, there are a lot of bulls still waiting around still trying to push price higher, causing yesterdays doji. There could still be a bit of upside movement from here to retest the trendline, but I think that it's now just a matter of time before price heads lower.
Comments
jojofang0901
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Hi nice trade setup on double bottoms, I have similar view on this pair also. Thank you for
sharing your idea.
Telson
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@jojofang0901 & @MrVolcano well... here is mine, I believe that all three cover each other's idea...
sharing your idea.