After a long period of consolidation forming the "M" and breaking down lower. The usual "A" formed followed by another "A" formation.
The next move will be to form the "W" and after that it will be a free ride to the top. Note the major resistance at the highest point. Wait for the "W" to finish and put in those Long positions.
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After the ECB interest rate decision and the breakout of the descending trend line. The 200 EMA acts as vital resistance.
Short positions can be expected if the 200 EMA cannot be breached.
Trade on own risk!!
Happy trading with HKTrading
Please wait for conformation either to break to the top and continuation of bullish movement.
or it can break through to the downside and setup for a good sell
trade at own risk !!!
