Related to the analysis that I shared yesterday we got a very nice movement on the price development.
Price reached our target from 88.25 when the analysis was shared to 86.55 (hope you close profits here:)
Actually, the price is testing the top of the consolidation pattern again.
The overall analysis is the same as yesterday. Nothing changed.
So we can trade the same scenario. All looks really good.
In the actual situation, the price can move above 88.8 and continue up to the top 90 - 92 resistance area.
Price can move lower from where it is now up to the lower part of the previous structure support at 86 -86.7
So on the lower time frame, I am watching again to sell the actual pattern and I am targeting 86 - 86.7
The previous analysis below is still valid:
The price is close to the top of the larger daily structure.
We can see the price rising up to 90-92 if the price will resume the movement of the predominant trend again.
I do not expect any strong upward movement until 90 - 92.
We can see it moving higher by very small steps if that will happen.
Another potential scenario that I am looking at on the 60 min chart is the potential for the price to move inside a range before resuming bullish movement again.
Inside the Range:
Also here we may face two scenarios.
Scenario 1:
If the price will test the lower part of the range at 86.50 it can bounce higher and reach 90-92
Scenario 2:
If the bears will be back stronger this time they may think that 89 was enough for the bullish trend and the price can break lower continuing in this way with the bearish expected wave.
Big trade will be on the downside.
Previous analysis:
Price reached our target from 88.25 when the analysis was shared to 86.55 (hope you close profits here:)
Actually, the price is testing the top of the consolidation pattern again.
The overall analysis is the same as yesterday. Nothing changed.
So we can trade the same scenario. All looks really good.
In the actual situation, the price can move above 88.8 and continue up to the top 90 - 92 resistance area.
Price can move lower from where it is now up to the lower part of the previous structure support at 86 -86.7
So on the lower time frame, I am watching again to sell the actual pattern and I am targeting 86 - 86.7
The previous analysis below is still valid:
The price is close to the top of the larger daily structure.
We can see the price rising up to 90-92 if the price will resume the movement of the predominant trend again.
I do not expect any strong upward movement until 90 - 92.
We can see it moving higher by very small steps if that will happen.
Another potential scenario that I am looking at on the 60 min chart is the potential for the price to move inside a range before resuming bullish movement again.
Inside the Range:
Also here we may face two scenarios.
Scenario 1:
If the price will test the lower part of the range at 86.50 it can bounce higher and reach 90-92
Scenario 2:
If the bears will be back stronger this time they may think that 89 was enough for the bullish trend and the price can break lower continuing in this way with the bearish expected wave.
Big trade will be on the downside.
Previous analysis:
Comment:
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From here more upside is expected