The trend line shows a overall support for the past few months, meaning it should follow its current pattern of hitting the trend line and then closing above it, whilst we need to be weary of any false breaks, that could lead us to think its a short position. We can also see the formation of a double top and it was already in a bearish trend which can also lead us to believe that the price action will close below the line and continue in a downward fashion.
Note
It could also consolidate and cause a flag pattern to occur, for further information check fxstreet so we can know if there is any news that could potentially affect the trend.
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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.