Price currently at
1-touching daily trend channel upper line
2-touching weekly trend channel lower line from the reverse
3-touching daily resistance line
4-extreme overbought
The points above increase the probability of a DOWN move.
On contrary,
-strong reaction from 1.29
-piercing the daily trend line channel
indicates that the major trend is about to be changed. I expect a drop back to 1.28-1.29 levels and then the ABC formation finally finishing and a new major bull trend starting.
recommendation (long term trade)
-I would not recommend a LONG entry at this moment while highly overbought. and recommend to enter at a convenient pullback.
-Short entry is somehow risky considering risk/reward and last strong bull reaction.
Good trades (don't forget to thumb up if you like the analysis)
1-touching daily trend channel upper line
2-touching weekly trend channel lower line from the reverse
3-touching daily resistance line
4-extreme overbought
The points above increase the probability of a DOWN move.
On contrary,
-strong reaction from 1.29
-piercing the daily trend line channel
indicates that the major trend is about to be changed. I expect a drop back to 1.28-1.29 levels and then the ABC formation finally finishing and a new major bull trend starting.
recommendation (long term trade)
-I would not recommend a LONG entry at this moment while highly overbought. and recommend to enter at a convenient pullback.
-Short entry is somehow risky considering risk/reward and last strong bull reaction.
Good trades (don't forget to thumb up if you like the analysis)
Commento:
Price on Target. I expect a good long term buying point at 1.28 levels, as the ABC will be complete with a clean 1-5 wave structure from point B. We have some more time to go.