Two rejections in the 4-hourly downward trend line, first at 2.25 then at 2.14. What we want to see is a flag formation in the range of 2.10 and 1.8. And some big volume (not much at the moment).
Once we break the downward trend line, next we need to test the 100MA again (orange line). Watch out for these two break outs for a good entry point.
Still bearish but hopefully this weekend will decide if there will be trend reversal or not.
Once we break the downward trend line, next we need to test the 100MA again (orange line). Watch out for these two break outs for a good entry point.
Still bearish but hopefully this weekend will decide if there will be trend reversal or not.
Comment:
Still no breakout after almost a day, not a good sign. Bears are winning so far. Plus, volume is really low. If we go lower and break 1.8, it could then proceed to test 1.6 and back to our critical area. The next 16 hours could determine this for us.
Order cancelled
What we want is solid consolidation in this area before testing 100 moving-average line (orange). Good signs of trend reversal. If you are still shorting, a good stop loss would be 2.20. Aggressive position is to buy here, but I would recommend that the 100MA be tested first and see for break out.