jrc0077

jrc0077

Technicals: On the daily chart, we have the 50 day SMA crossing the 200 day SMA on June 6, the first time this has happened since the beginning of an uptrend in May 2017. There is a potential descending triangle forming, which is labeled on the daily chart. There have been two overhead rejections, and two bounces from the supply zone. On the first bounce labeled...

jrc0077

What happens with price at the top supply zone will determine the trade - a close above the zone will validate a long position, conversely if the price fails to break and slides to the bottom 1.22 level, then a break below said zone will indicate a short position.