market price broke out of up trend channel but looks like fakeout. Market shows since couple of hours resistance at drawn red sell area. We can try to catch the short trade from this level with good risk/reward ratio (8,5). If the price should break the red sell area up wards we can expect up movement to at least 1.3265 area which is to far away for a good stop loss with good risk/reward ratio.
-RSI on 1H retraced several times from down trend line which is bearish indicator
-MACD baselines is near 0 line since hours but looks like a bearish crossing is incoming which brings sellers into the market
-Bollinger bands stopped up movement and getting tighter which indicates an incoming bigger market movement
-market price retraced several times from 38.2 fibonacci area which indicates a strong trend movement which is in this case down movement
-RSI on 1H retraced several times from down trend line which is bearish indicator
-MACD baselines is near 0 line since hours but looks like a bearish crossing is incoming which brings sellers into the market
-Bollinger bands stopped up movement and getting tighter which indicates an incoming bigger market movement
-market price retraced several times from 38.2 fibonacci area which indicates a strong trend movement which is in this case down movement
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The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
