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If prices break below the trend line and moving averages. Signs of bears stepping in. Divergence also occuring.
Brent Crude Oil is also near support and could rally.
Market rejected/ bounced off the area of interest 1.62000.
S/L a little too large for my liking, so looking to long on dips towards 1.7000.
Good trading and cheers!
Trend is up.
Price broke out of previous resistance.
Now let's see if level holds as support and we could have a potential long to 1.6800/ 1.7000.
Probably look to 4hr/1hr to form a higher low or signal for entry.
Price has made a pretty good rally and signs of weakness near the previous highs. (Bearish shooting star formed/ bearish divergence)
Trend is definitely still UP but price looks ripe for a pull back to maybe 1.6350?
Preferable to trail with a TIGHTER stop due to this trade being counter-trend.
GBPUSD looks weak and I'm actually bearish on USDCAD.
Cheers and...
Looking on the daily chart. There actually is a bearish shooting star.
Many traders would have probably shorted the market in anticipation of lower prices.
North Korea launched a missle this morning which tanked the USDJPY quite a bit but not before producing a bullish hammer on the 4hr. Also a breakout and re-test of the descending trend line that I...