As we can see on the chart, the upper trendline drawn has been holding the pair at bay for months. Now that price has found its way back one can only expect two things;
1. A breakout above, retest and continuation to the upside, OR
2. Rejection of the trendline and reversal to the downside.
At this time, we have two indecisive daily candles already held at bay by the trendline signifying a possible reversal-our second scenario.
We'll need to see price break below the lows of the indecisive candles for a proper signal for downside movement.
1. A breakout above, retest and continuation to the upside, OR
2. Rejection of the trendline and reversal to the downside.
At this time, we have two indecisive daily candles already held at bay by the trendline signifying a possible reversal-our second scenario.
We'll need to see price break below the lows of the indecisive candles for a proper signal for downside movement.
Trade active:
short triggered