Last week price action triggered a long black candle which broke on a weekly closis basis, both the Mid Bollinger Band and the Kijun-Sen or Base line.
Such kind of price action should be seen as a negative (yield ) signal, calling for lower levels.
In addition, the former uptrend support line which stated at the beginning of August @ 1.1270 has also been broken which also should be seen as an additionnal
warning signal calling for further downside move with the focus on the bottom of the weekly clouds, currently around 1.15% which also roughly coincides with the
cluster of former bottom and the primary uptrend support line.
Therefore, this 1.15%-1.10% next significant support area, on a weekly closing basis, should be seen as THE KEY PIVOT LEVEL !!!
MONTHLY PICTURE :
Looking briefly at this long term time frame, we can see that the cluster (Mid Bollinger Band and Kijun-Sen is also currently @ 1.1500 which corroborate my weekly view
above mentioned.
A failure to hold above this point, would open the door for lower level towards 1.0570 (50% Fib ret) ahead of 0.8870 (61.8% Fib ret)
CONCLUSION :
Watch and monitor closely price action on a daily and intraday basis to detect early reversal signal (s) which for the time being should be seen as a corrective move in a broad ongoing
(yield) bearish trend.
Ironman8848
Such kind of price action should be seen as a negative (yield ) signal, calling for lower levels.
In addition, the former uptrend support line which stated at the beginning of August @ 1.1270 has also been broken which also should be seen as an additionnal
warning signal calling for further downside move with the focus on the bottom of the weekly clouds, currently around 1.15% which also roughly coincides with the
cluster of former bottom and the primary uptrend support line.
Therefore, this 1.15%-1.10% next significant support area, on a weekly closing basis, should be seen as THE KEY PIVOT LEVEL !!!
MONTHLY PICTURE :
Looking briefly at this long term time frame, we can see that the cluster (Mid Bollinger Band and Kijun-Sen is also currently @ 1.1500 which corroborate my weekly view
above mentioned.
A failure to hold above this point, would open the door for lower level towards 1.0570 (50% Fib ret) ahead of 0.8870 (61.8% Fib ret)
CONCLUSION :
Watch and monitor closely price action on a daily and intraday basis to detect early reversal signal (s) which for the time being should be seen as a corrective move in a broad ongoing
(yield) bearish trend.
Ironman8848
