hello everyone.
the market is currently at a very important area. First as we can see the downtrend line that was in effect from the 2008 downtrend has been penetrated upwards around July 2020 .Now the market is testing this down trendline from above and i expect that the trendline will provide support as we all know the reverse role in support resistance areas - trendlines .Another important fact is that the market has retraced 0.618 from the bullish impulse started at march 2020 at price level 1.0624 and run all the way up to 1.2355 at dec 2020.
Im expecting that the market will react at least 0.382 of this downtrend at market price 1.1684
Good luck
the market is currently at a very important area. First as we can see the downtrend line that was in effect from the 2008 downtrend has been penetrated upwards around July 2020 .Now the market is testing this down trendline from above and i expect that the trendline will provide support as we all know the reverse role in support resistance areas - trendlines .Another important fact is that the market has retraced 0.618 from the bullish impulse started at march 2020 at price level 1.0624 and run all the way up to 1.2355 at dec 2020.
Im expecting that the market will react at least 0.382 of this downtrend at market price 1.1684
Good luck