Hello everyone!
-On a 1-hour chart, we can see that the price made a very nice engulfing pattern after a rejection from the resistance line.
-We can see that the price is in an overbought condition on a stochastic oscillator so we may expect that the price will make continuation in a bearish direction.
-The price is under 200 EMA so I consider that the price is in a downtrend.
-I expect that the price is going to reach the support line and then we can try to find some other opportunities.
-Before entering a trade, take a look at the currency strength meter and an economic calendar.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.
-On a 1-hour chart, we can see that the price made a very nice engulfing pattern after a rejection from the resistance line.
-We can see that the price is in an overbought condition on a stochastic oscillator so we may expect that the price will make continuation in a bearish direction.
-The price is under 200 EMA so I consider that the price is in a downtrend.
-I expect that the price is going to reach the support line and then we can try to find some other opportunities.
-Before entering a trade, take a look at the currency strength meter and an economic calendar.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.