Weekly:
Price is currently in a downtrend. The 20 moving average is currently being used as a dynamic resistance. We will use this towards our trading plan. The end of the week candle closed as a bearish pinbar. The size of that pinbar in relation to the previous bullish candle is not convincing that price is to continue its way down.
Daily:
Looking at the daily chart we can see a nice well formed channel. Price broke through lower and decided to get back into the channels range. This indicates that price has some bull movement before its continuation down.
4 Hour:
Looking at the 4 hour chart we can see a nice structure forming. A good area to go long is between support 114.500 - 115.500. A safer route would be to wait for price to reach resistance 120.500 - 121.500 to short for its continuation down.
Wishing everyone a good trading week!
Price is currently in a downtrend. The 20 moving average is currently being used as a dynamic resistance. We will use this towards our trading plan. The end of the week candle closed as a bearish pinbar. The size of that pinbar in relation to the previous bullish candle is not convincing that price is to continue its way down.
Daily:
Looking at the daily chart we can see a nice well formed channel. Price broke through lower and decided to get back into the channels range. This indicates that price has some bull movement before its continuation down.
4 Hour:
Looking at the 4 hour chart we can see a nice structure forming. A good area to go long is between support 114.500 - 115.500. A safer route would be to wait for price to reach resistance 120.500 - 121.500 to short for its continuation down.
Wishing everyone a good trading week!