A good SELL opportunity due to the fact that the current market is on a ranging market as well as the fact that it is high on RSI. We can therefore anticipate a drop.
There is further confluence when we consider the fact that the top linear level had been rejected previously 3 times.
While the price is above the support 1.4750, beginning of uptrend is expected.
We make sure when the resistance at 1.5360 breaks.
If the support at 1.4750 is broken, the short-term forecast -beginning of uptrend- will be invalid.
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is...
After a very strong bullish run from the Swiss over the past few days, I am looking for a retracement to the 1.000 area. We have breached 2018 highs, and a retracement would be very healthy.
I am targeting the 1.00 region for multiple reasons:
- Key support/resistance price area
-Looking at the fib retracement - this correlates with the 61.8% fib retracement...
Looking at this chart on the 4 hour or 1 hour you would think of going short but PRICE ACTION IS KEY!
If you look at the bigger picture a bullish hammer has formed on the weekly and daily. This tells me that the bulls are in this market and ready to push this pair up higher. A pullback is possible but not lower than last weeks lows. Another factor for me being...
After taking a look at the current resistance id fancy another show down before a pullback to break the resistance and create a new support level. I am a beginner so being able to potentially get some of these trades right can build my confidence. Analysis on 4h charts.