Good morning, today we are going to look at 3 time frames, beginning with :
MONTHLY
September monthly closing level is showing a failure to close above the ongoing downtrend line resistance.(1.5570).
Interesting to note that the September intramonth high (1.56) was slighly higher than the 61.8% Fib ret @ 1.5270
(1.7740-1.1270 move).
So for the time being recent price action was only a corrective move.
October monthly closing level will validate or invalidate a potential breakout of this important downtrend line resistance.
WEEKLY
This week ongoing price action is, for the time being, showing also, a failure to clearly breakout the W1 downtrend line resistance.
Important support levels on a weekly basis @ 1.4360 ahead of 1.3950; a failure to hold above this area would open the door for lower
levels, towards 1.3440 (W1 top clouds) ahead of 1.25
Wait the weekly closing level for confirmation.
DAILY
Recent price action seen over the last couple of days, is also showing, for the time being, a breakout failure to crossover the daily downtrend line resistance
and hold above it !
Looking forwards, I strongly suggest to look at the following levels :
Support area :
1.43 - 1.38
A failure to hold above this zone would put the focus on the daily clouds support 1.35-1.27
Resistance area :
On the upside, as above mentioned, a breakout and daily closing level above the ongoing downtrend line resistance (currently around 1.52), would be the first significant
warning signal for a trend change (from a SELL on rally to a buy on dips) in watching carefully the following price action, if the breakout occurs.
Be careful, on pullback (bull "yield" trap !!)
Have a nice day
All the best
If you like my analysis, please do not forget to like it and me on your following list. Many thanks in advance
Best regards
Ironman8848
MONTHLY
September monthly closing level is showing a failure to close above the ongoing downtrend line resistance.(1.5570).
Interesting to note that the September intramonth high (1.56) was slighly higher than the 61.8% Fib ret @ 1.5270
(1.7740-1.1270 move).
So for the time being recent price action was only a corrective move.
October monthly closing level will validate or invalidate a potential breakout of this important downtrend line resistance.
WEEKLY
This week ongoing price action is, for the time being, showing also, a failure to clearly breakout the W1 downtrend line resistance.
Important support levels on a weekly basis @ 1.4360 ahead of 1.3950; a failure to hold above this area would open the door for lower
levels, towards 1.3440 (W1 top clouds) ahead of 1.25
Wait the weekly closing level for confirmation.
DAILY
Recent price action seen over the last couple of days, is also showing, for the time being, a breakout failure to crossover the daily downtrend line resistance
and hold above it !
Looking forwards, I strongly suggest to look at the following levels :
Support area :
1.43 - 1.38
A failure to hold above this zone would put the focus on the daily clouds support 1.35-1.27
Resistance area :
On the upside, as above mentioned, a breakout and daily closing level above the ongoing downtrend line resistance (currently around 1.52), would be the first significant
warning signal for a trend change (from a SELL on rally to a buy on dips) in watching carefully the following price action, if the breakout occurs.
Be careful, on pullback (bull "yield" trap !!)
Have a nice day
All the best
If you like my analysis, please do not forget to like it and me on your following list. Many thanks in advance
Best regards
Ironman8848
