As you see in the daily time frame, price has approached to the resistance level and has pushed back to the downside.
Since price is in an uptrend, there is a probability of an upside breakout on the resistance level, but, on the other hand, price is pushing to the downside and there is also a probability of forming a reversal double top pattern.
If today’s candle closes below 0.99700, price will enter to a no trade zone because of the yesterday’s lower shadow. We should wait for price to break this low which is at 0.98700, then enter a short position with a target at 0.95700
Note: If price breaks the resistance zone to the upside and fix above it, the bearish scenario will be canceled and invalid.
Since price is in an uptrend, there is a probability of an upside breakout on the resistance level, but, on the other hand, price is pushing to the downside and there is also a probability of forming a reversal double top pattern.
If today’s candle closes below 0.99700, price will enter to a no trade zone because of the yesterday’s lower shadow. We should wait for price to break this low which is at 0.98700, then enter a short position with a target at 0.95700
Note: If price breaks the resistance zone to the upside and fix above it, the bearish scenario will be canceled and invalid.
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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.