Weekly: A strong bearish engulfing candle was evident, breaking the neckline 1.17 area of support turned resistance. Indicating strong selling pressure on weekly timeframe perspective. Likely for bearishness to continue till 1.14, then 1.12. Daily: Price was previously sandwiched between a support and resistance. My initial plan was to stay only on the long side unless support was breached. However, i had not enter any positions as i wanted to adopt a wait and see approach. True enough, market has presented us a clear signal to enter the market with a position.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.