In the H1 timeframe, something interesting happened. The price went below the 50 EMA and then made a lower high candle near 0.88500. After that, it dropped to 0.88205, which used to be a high.
Now, there are a couple of things that could happen. The price might dip below this support line, making it seem like it's going down, but then it could change course and go up. On the other hand, it might break through the support and keep going down.
What's also worth mentioning is that this area matches up with the H4 50 EMA. This means there's a chance the price could bounce back up to test old highs before going back down, which is what I'm thinking might happen. So, that 0.88500 level is interesting because it's under bearish pressure yet confronted by the H4's 50 EMA.
The bias is toward the low of 0.86984, so since it has room to play around, caution is required.
K.
Now, there are a couple of things that could happen. The price might dip below this support line, making it seem like it's going down, but then it could change course and go up. On the other hand, it might break through the support and keep going down.
What's also worth mentioning is that this area matches up with the H4 50 EMA. This means there's a chance the price could bounce back up to test old highs before going back down, which is what I'm thinking might happen. So, that 0.88500 level is interesting because it's under bearish pressure yet confronted by the H4's 50 EMA.
The bias is toward the low of 0.86984, so since it has room to play around, caution is required.
K.
Trade closed: target reached