It’s going to take a daily close (5 pm EST) above it to open the door to upside targets. The first being the April and May highs near 1.0100.
For those keeping track, the trend line in question appears to come in at 0.9810 at the time of this writing. A close above it would have us watching for a buying opportunity on a retest of the level as new support.
Notice how the price action of late has started to ‘cluster’ near trend line resistance at 0.9810. It’s one of my favorite ways to identify a pending reversal and suggests that a breakout is imminent.
But again, without a daily close above the level, there’s nothing to confirm the break. And the market has a twisted way of teaching lessons to those who enter prematurely. As they say, good things come to those who wait.
Source: bit.ly/2ggHLEY
For those keeping track, the trend line in question appears to come in at 0.9810 at the time of this writing. A close above it would have us watching for a buying opportunity on a retest of the level as new support.
Notice how the price action of late has started to ‘cluster’ near trend line resistance at 0.9810. It’s one of my favorite ways to identify a pending reversal and suggests that a breakout is imminent.
But again, without a daily close above the level, there’s nothing to confirm the break. And the market has a twisted way of teaching lessons to those who enter prematurely. As they say, good things come to those who wait.
Source: bit.ly/2ggHLEY