Following on price has begun trend downwards upon the break of the Bullish Trend line.
If price finds resistance in the 2.12000 area in the coming hours you may potentially find an entry with minimum risk to jump on the longterm trend, which has been explained in the previous posts.
Price has been led astray from the Bullish Trend that was formed earlier last year. Many oscillators are showing us that price has been overbought. From a candlestick perspective the monthly timeframe is showing signs of a bearish reversal. Considering that price is currently at the 0.618 retracement key level on the monthly timeframe this could potentially roll...
Notice the IF’s on the explanation on the chart. IF the criteria is met then we may see a rally to the upside to 0.76000.
I have also found confluences in order to find a clean exit which are also on the chart.
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We are currently seeing a re-test of the neckline of the double bottom formation on the daily time frame via a pending Bullish Wedge pattern on the 4hr timeframe.
Price has been choppy for the past couple days but with that said I believe once price breaks certain key levels and the specific criteria which I will be posting next is met. Price is quite likely...