Long term trend: Down
Medium term trend: Up
Significant Levels: 0.9790 (Horizontal Support), 0.9950 (Horizontal Resistance), 1.0000 (Significant Round Number), Uptrend
The trend is still up. The price is still going up. The trend line was respected by the market recently. Though the price moved beyond the trend line, the market still found a way back up. Currently, the price is just above the Support area. The Resistance and the Significant Round Number are just near each other. This area, between the two, could be a significant level that the market will respect in the near future. We could see a big move up if the price broke above these two levels (resistance and significant round number). It is probable that the price will make its way up to those levels and we should be prepared if that happened.
As of writing, there's not much move in the price since the daily bar opened. There is a consolidation of price forming here now. This is normal as the price recently formed a sudden move up and broke the resistance, which is now the support area.
The bottom line here is that the trend is still up. We are bullish on this market and going Long is the only option. The area between the resistance and the round number could be a confluence zone that the market will respect and there could be a big move on this level if the price broke it.
Trade well.
Medium term trend: Up
Significant Levels: 0.9790 (Horizontal Support), 0.9950 (Horizontal Resistance), 1.0000 (Significant Round Number), Uptrend
The trend is still up. The price is still going up. The trend line was respected by the market recently. Though the price moved beyond the trend line, the market still found a way back up. Currently, the price is just above the Support area. The Resistance and the Significant Round Number are just near each other. This area, between the two, could be a significant level that the market will respect in the near future. We could see a big move up if the price broke above these two levels (resistance and significant round number). It is probable that the price will make its way up to those levels and we should be prepared if that happened.
As of writing, there's not much move in the price since the daily bar opened. There is a consolidation of price forming here now. This is normal as the price recently formed a sudden move up and broke the resistance, which is now the support area.
The bottom line here is that the trend is still up. We are bullish on this market and going Long is the only option. The area between the resistance and the round number could be a confluence zone that the market will respect and there could be a big move on this level if the price broke it.
Trade well.