It is a counter-trend trade and you have to be extremely cautious!
The rejection came from:
1. Multiple Fibo Extension levels
2. Parallel channel bottom trendline has acted as a support level
3. Previous 2019 low (orange line)
4. The rejection formed a bullish candlestick pattern called Hammer.
As said, it is a counter-trend trade, it is riskier and the Hammer is red. Yes, it is a bullish candlestick pattern but still, it is red - bears have dominated the last 4H hour. Hopefully, it got enough momentum to push the price above the round number 1.31000 and into the targets!
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my idea post by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
The rejection came from:
1. Multiple Fibo Extension levels
2. Parallel channel bottom trendline has acted as a support level
3. Previous 2019 low (orange line)
4. The rejection formed a bullish candlestick pattern called Hammer.
As said, it is a counter-trend trade, it is riskier and the Hammer is red. Yes, it is a bullish candlestick pattern but still, it is red - bears have dominated the last 4H hour. Hopefully, it got enough momentum to push the price above the round number 1.31000 and into the targets!
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my idea post by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
