Price is in a downtrend on the hourly timeframe, as lower highs and lower lows are being printed. However, recent price action tells us that we might see a short term reversal.
Price is testing a key resistance level at 0.72350, after a possible higher low has been formed.
Before taking long positions, price needs to break above the level with a clear impulse, and then on the pullback shows signs of a continuation.
We do not want to get caught against the trend, so patience is needed to see this trade play out.
Price is testing a key resistance level at 0.72350, after a possible higher low has been formed.
Before taking long positions, price needs to break above the level with a clear impulse, and then on the pullback shows signs of a continuation.
We do not want to get caught against the trend, so patience is needed to see this trade play out.