As we can see that price is approaching our key level where 2 scenarios could happen. Scenario 1 is the rejection of that level and bounce from it pushing targeting 22,000-22,500. Then the other scenario is price would break below that key level and retest it to target 17,500.
Either price would reject the short term resistance or breaks above it. It could potentially go higher as the Dollar is still rising and the oil is getting lower. Also, there's an extreme high that the market can still sweep.
We are currently trading at the support level but it is shown on the chart that this pair is really bearish. And also as the Dollar keeps on rising it helps this pair to trade lower and continue it's movement to the downside. Wait for the price to reject that key level before placing a short position.
As the market rejected the previous 4h resistance level and now it broke the next 4h support level. It is obvious that the market is really bearish. But if we see a pullback to retest that key level before placing a short position then we wait for its reaction on that specific level.
As the price is currently trading at the resistance level as we waited for so long to happen. We are more interested into looking for short position with this pair. But a break above the resistance could also happen then we expect bullish price action.
As yesterday's CPI news made a big effect with the market this pair had a massive push to the upside. Now we wait if it would break above or reject the resistance level to know what would be our sentiment.
As the market is trading at the minor zone it could possibly fails to break that zone then target the next support level. But we then wait for its reaction since it could also break above the minor zone.
We are currently trading at the resistance level where either price could break above or respect that key level. So until then we just need to wait for the confirmation by looking in the lower timeframe.
As price is moving at the discount price or where is the buy zone located. We then look into longing this pair as it is closed to the support level. Unless price break the support then our sentiment would change.
Still we are stuck on the range so what we can do is to buy at the support and sell at the resistance. Which currently price is approaching the resistance then we could look for potential short position.
Last week price closed rejecting the resistance level. Then we could ride the short term bearish movement of the market. Unless price broke the previous high and level then our directional bias would change.
On the 4h we are waiting for price to retest the previous key level. But as of now we can buy on the support while target the next close key level. Wait for the confirmation before placing a trade because price could break below so we just wait.