TECHNICAL ANALYSIS:
-Since the end of November, the price was clearly following an Uptrend, strong Volatility and Volumes pushed it up until it reached a resistance zone at 1.21685.
-The market then started creating a DESCENDING TRIANGLE, bouncing twice on the support zone, base of the triangle, until the price was Oversold and it opened the day later with a strong and tall daily UPBAR.
-The price actually is following an ASCENDING CHANNEL, it just reached the resistance zone of the channel, it will probably reverse soon in a small time frame (h4).
CONCLUSION:
I previously reviewed this market and I aspected the price going down, it haven't broken yet the support zone I'm looking for. The price is moving in a nice trend and I think is going to touch a Strong Weekly Resistance level at 1.2426.
In a daily time frame the trend is still very strong, so I suggest to everybody to NOT OPEN ANY SHORT POSITION Right now, I'll wait with patience the inversion of the trend.
If you like the idea, please let me know with a like, follow me if you enjoy my works, I really hope to be usuful for everybody!
have a nice Thursday!
Gianni
-Since the end of November, the price was clearly following an Uptrend, strong Volatility and Volumes pushed it up until it reached a resistance zone at 1.21685.
-The market then started creating a DESCENDING TRIANGLE, bouncing twice on the support zone, base of the triangle, until the price was Oversold and it opened the day later with a strong and tall daily UPBAR.
-The price actually is following an ASCENDING CHANNEL, it just reached the resistance zone of the channel, it will probably reverse soon in a small time frame (h4).
CONCLUSION:
I previously reviewed this market and I aspected the price going down, it haven't broken yet the support zone I'm looking for. The price is moving in a nice trend and I think is going to touch a Strong Weekly Resistance level at 1.2426.
In a daily time frame the trend is still very strong, so I suggest to everybody to NOT OPEN ANY SHORT POSITION Right now, I'll wait with patience the inversion of the trend.
If you like the idea, please let me know with a like, follow me if you enjoy my works, I really hope to be usuful for everybody!
have a nice Thursday!
Gianni
