Resistance continues to hold, short trade I will wait for a break below the low of the latest four-hour hanging man at 53.00 to initiate a short. A break below the rising trend line may confirm the short scenario.
Resistance breaks, long trade In this case we need at least a daily closing above that resistance. Minimum target for this scenario at 59.00
Scenarios and targets are illustrated on chart.. I will be updating with specific entry levels if materialized.. .
Great analisys. The question here is: when the downtrend is no more a downtrend? Since FX is a probability game, I stay with the trend and wait for a resistive candle to start selling WTI once again. Should it close above 56, then I could consider buying it.