It looks like the price has managed to breakout the ascending triangle over the last couple of trading days. This is a significant move outside the triangle and shows that the resistance level has been broken, as predicted in an earlier post, either the price would breakout and keep rising or the price would make its way back and bounce (the RSI is supporting the price to retrace as it is showing a very high value, almost overbought). The price has now started to look like it is starting to lose some momentum and the price is very likely at this point to move back to the broken resistance level, which should now be acting as a support, and hopefully bounce off it. If this happen this is a great opportunity for an entry into the market as if the price bounces off the new support level around 1.3064we could see a huge surge in price and gain of momentum. Sorry once again about the lack of ideas published I have been very busy around other commitments. Follow and like for more analysis like this.
