After the formation of the Head and shoulder price has drop nicely and appears to have gained a short term support. However prices are on the move to a confluence zone where we have a falling trendline intersecting a horizontal resistance level at around 0.85 and 0.854.
We will be waiting for a possible 2 base case scenarios and act accordingly based on the information of price action that will be generated at this confluence zone. A daily close above the confluence level will probably trigger a move up.
Alternatively, a bearish price action around the confluence zone will put the bears in charge.
Happy trading
We will be waiting for a possible 2 base case scenarios and act accordingly based on the information of price action that will be generated at this confluence zone. A daily close above the confluence level will probably trigger a move up.
Alternatively, a bearish price action around the confluence zone will put the bears in charge.
Happy trading
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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.
Disclaimer
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.