Every day we send out analysis on the hourly chart expecting price to reach 1700
and because there's pretty much nothing happening on the lower timeframes, we will have a look at the H4 chart.
We should point out the two major resistance levels. The first one is in the zone below 1800.
This is a strong resistance and if price continues above it, then that will most probably mean a trend reversal.
The other resistance is around current price levels and that's where we expect to see push of on the hourly chart.
It is just above the 1760 level where we had the initial downside impulse.
As of right now we don't yet have a breakout and that's why we expect that market will respect it
and it will go back to the downside! However if price breaks above it, that won't be a buy signal.
We still believe that it's more likely to see a drop down to the 1700 level and that's what we're going to be looking for with a reversal signal.
and because there's pretty much nothing happening on the lower timeframes, we will have a look at the H4 chart.
We should point out the two major resistance levels. The first one is in the zone below 1800.
This is a strong resistance and if price continues above it, then that will most probably mean a trend reversal.
The other resistance is around current price levels and that's where we expect to see push of on the hourly chart.
It is just above the 1760 level where we had the initial downside impulse.
As of right now we don't yet have a breakout and that's why we expect that market will respect it
and it will go back to the downside! However if price breaks above it, that won't be a buy signal.
We still believe that it's more likely to see a drop down to the 1700 level and that's what we're going to be looking for with a reversal signal.