Long term trend: Down
Medium term trend: Down
Significant levels: 1.2000 (Significant Round Number), 1.2550 (Horizontal Resistance), 1.2350 (Horizontal Support)
We can see in the chart that the price rejected the support line. Though the price went down, broke the support line, it went back up indicating that the market doesn't want to go down further. As this is the case, we are given a good opportunity to go Short because the price went up. We just need to look for that opportunity. As of writing, the market is still going up and we do not want to get in the market right away. It would be best if the price will touch the resistance then reject it. That would be the best setup for us to place our trade. Take note that we are still bearish with this market. Therefore, any rally would be a good opportunity for us.
Trade well.
Medium term trend: Down
Significant levels: 1.2000 (Significant Round Number), 1.2550 (Horizontal Resistance), 1.2350 (Horizontal Support)
We can see in the chart that the price rejected the support line. Though the price went down, broke the support line, it went back up indicating that the market doesn't want to go down further. As this is the case, we are given a good opportunity to go Short because the price went up. We just need to look for that opportunity. As of writing, the market is still going up and we do not want to get in the market right away. It would be best if the price will touch the resistance then reject it. That would be the best setup for us to place our trade. Take note that we are still bearish with this market. Therefore, any rally would be a good opportunity for us.
Trade well.