Chart Analysis
Technical Analysis:
- Price recently fell below a long term uptrend upper trend line and trading in a tight range near the lows of full range.
- Price seems to be forming either a rising wedge *(bearish chart pattern) or a triangle wedge *(bear or bullish chart pattern). Supporting the indecision and why price trading in tight range BUT......slight rising wedge chart pattern, downward price movement and strong resistance level pushes more towards a weakening bullish starting to turn bearish.
- Selling volume spikes above average has been around economic event announcements.
- RSI giving a weak sell signal because price is above moving averages and vortex indicator is still bullish but with a narrow gap.
Signals: (Recommendations and doesn't guarantee profits or losses)
- Scalp Trade
- Sell Limit: 1.11000 - 1.08000
- Take Profits: 1.10300 - 1.09700
- Reward/Risk Ratio: 2/3:1
- Day/Swing Trade:
- Sell Limit: 1.10200 - 1.10100
*ENTRY AFTER PRICE FALLS BELOW AND RETEST MOVING AVERAGE AND WEDGE SUPPORT LEVEL
(ASSUMING A BREAKOUT BELOW SUPPORT LEVELS)
- Take Profits: 1.09700 - 1.0300
- Reward/Risk Ratio: 2/3:1
Technical Analysis:
- Price recently fell below a long term uptrend upper trend line and trading in a tight range near the lows of full range.
- Price seems to be forming either a rising wedge *(bearish chart pattern) or a triangle wedge *(bear or bullish chart pattern). Supporting the indecision and why price trading in tight range BUT......slight rising wedge chart pattern, downward price movement and strong resistance level pushes more towards a weakening bullish starting to turn bearish.
- Selling volume spikes above average has been around economic event announcements.
- RSI giving a weak sell signal because price is above moving averages and vortex indicator is still bullish but with a narrow gap.
Signals: (Recommendations and doesn't guarantee profits or losses)
- Scalp Trade
- Sell Limit: 1.11000 - 1.08000
- Take Profits: 1.10300 - 1.09700
- Reward/Risk Ratio: 2/3:1
- Day/Swing Trade:
- Sell Limit: 1.10200 - 1.10100
*ENTRY AFTER PRICE FALLS BELOW AND RETEST MOVING AVERAGE AND WEDGE SUPPORT LEVEL
(ASSUMING A BREAKOUT BELOW SUPPORT LEVELS)
- Take Profits: 1.09700 - 1.0300
- Reward/Risk Ratio: 2/3:1
