On MAIN CHART:
Price has rejected blue rectangle area multiple times signifying a strong resistance zone there. Similarly, it is respecting the 0.786-0.886 zone of the previous impulse move down. From here, I see a move down in the coming weeks as long as price does not break the mentioned zones above.
On RSI 14:
Whenever price touches the (yellow) ascending trendline, it is a good time to long as it bounces back up. However, it seems to be forming below the trendline now. If we see a kiss goodbye of trendline on RSI, this could add more confirmation to the downside this pair will face.
Good TP targets would be:
(1) Blue rectangle area (previous resistance area, now support)
(2) 50% retracement of recent impulse move up & also a previous area of support
Price has rejected blue rectangle area multiple times signifying a strong resistance zone there. Similarly, it is respecting the 0.786-0.886 zone of the previous impulse move down. From here, I see a move down in the coming weeks as long as price does not break the mentioned zones above.
On RSI 14:
Whenever price touches the (yellow) ascending trendline, it is a good time to long as it bounces back up. However, it seems to be forming below the trendline now. If we see a kiss goodbye of trendline on RSI, this could add more confirmation to the downside this pair will face.
Good TP targets would be:
(1) Blue rectangle area (previous resistance area, now support)
(2) 50% retracement of recent impulse move up & also a previous area of support
Comment:
Price is re-testing resistance area again, let's wait and see what happens
Comment:
Price rejected 0.886, we need more signs to know whether this pair will head higher or lower
Comment:
Set-up invalid. Dollar strongly bearish today.
Order cancelled:
No trade was taken on this pair.