This pair had reached a key resistance level last week - 75.525
Since then price has rejected the new high by popping a wick to the up side pinning the resistance level:
1. I have noted the swing low at 75.000 as a short term support level
2. Note the marked support lower down at 74.400
3. As long as price is between the 75.525 and 75.000 range I will wait for price action to show clues of what to expect next
4. Shorts can be considered below 75.000
5. Long positions can be considered above 75.525
My explanation above carries a few possibilities so I await the market to make its move before making a call. More details to follow as things unfold
Since then price has rejected the new high by popping a wick to the up side pinning the resistance level:
1. I have noted the swing low at 75.000 as a short term support level
2. Note the marked support lower down at 74.400
3. As long as price is between the 75.525 and 75.000 range I will wait for price action to show clues of what to expect next
4. Shorts can be considered below 75.000
5. Long positions can be considered above 75.525
My explanation above carries a few possibilities so I await the market to make its move before making a call. More details to follow as things unfold
Order cancelled
No trade, the resistance was broken but the candle closed off too high for a good entry.
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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.