Price broke below the 200 SMA both on the daily and weekly. Price tested but failed to regain momentum above the 200 SMA on the daily chart. I am short from 1270, stop at 1280, target at 1200 for a 7:1 ratio trade.
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The bulls are starting to wake up!
BUT they still need more momentum to change the overall trend of this pair.
On the daily chart, price broke above the 200 Simple Moving Average and bounced of it after the retest by printing higher lows. Currently it is trading inside this triangle and the market is eagerly waiting for a breakout to either side. If ...
With China’s Economic slowdown, and stronger U.S. Dollar, another potential long-term trend reversal may be on its way. But enough with the fundamentals. I prefer to stick to the charts and price action.
So what are the reasons for this trend reversal assumption u might ask?
The first thing that I look at on a chart is the 200 MA, which recently, the price broke ...