The price bounced from the support zone as we had planned.
After 2 days with a good upward movement, the 3rd day gave us a strong bearish candle. The price reached the support zone one more time. What does it mean?
It means that we get another buy opportunity from the same support zone. It is possible to buy using the 4H and 1H charts, or even lower timeframes. Stop orders for all buy trades must be placed below 1.03880 level.
RSI is not far from the oversold zone, and selling in such market conditions does not look logical. The market stays oversold with good potential for the upward movement. Of course, fundamental factors can push the market below the support zone, and we will see the falling to 1.02760 support zone. But for now, it is better to think about buy opportunities.
After 2 days with a good upward movement, the 3rd day gave us a strong bearish candle. The price reached the support zone one more time. What does it mean?
It means that we get another buy opportunity from the same support zone. It is possible to buy using the 4H and 1H charts, or even lower timeframes. Stop orders for all buy trades must be placed below 1.03880 level.
RSI is not far from the oversold zone, and selling in such market conditions does not look logical. The market stays oversold with good potential for the upward movement. Of course, fundamental factors can push the market below the support zone, and we will see the falling to 1.02760 support zone. But for now, it is better to think about buy opportunities.
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