US30 has been trending bearish these past few weeks and has also broken and closed below a key level of structure. This break and close below support on the higher timeframe could be the indicator for more bearish momentum to come.
If price begins to form resistance and fails to break above, we can see a trend continuation to the downside to retest the low that was created. But if price forms support on the 30M timeframe, we can see a continuation to the upside.
Currently the price is in a range, but once we have a solid break and close, along with market volume, price will show us which direction it will continue to head. The current trend is in favor of the bears, so be mindful when taking bullish setups because they may be short lived.
1. Price is currently trending down
2. Low was formed during yesterday's session
3.Higher high was formed, which could be a sign of a reversal
4. If price can hold and form support, we can see a bullish continuation to retrace some of the bearish move down
If price begins to form resistance and fails to break above, we can see a trend continuation to the downside to retest the low that was created. But if price forms support on the 30M timeframe, we can see a continuation to the upside.
Currently the price is in a range, but once we have a solid break and close, along with market volume, price will show us which direction it will continue to head. The current trend is in favor of the bears, so be mindful when taking bullish setups because they may be short lived.
1. Price is currently trending down
2. Low was formed during yesterday's session
3.Higher high was formed, which could be a sign of a reversal
4. If price can hold and form support, we can see a bullish continuation to retrace some of the bearish move down