Overview:
Price is currently below the EMA's and is in a downwards trend so we have a strong bearish bias on this pair and are only currently looking for shorts until proven otherwise
Short Setup:
If price is able to pullback to our area of resistance and retest it and it holds then upon a bearish entry signal there would be some good entries for short positions on this pair
Long Setup:
We aren't interested on longs on this pair until we get a break and retest of the level of resistance for support above the EMA's but as this is out of the way and unlikely to happen unless we get a huge bullish move we need to be patient and wait for the setup to happen
Disclaimer:
This is my opinion on this asset at the time. This is not financial advise. Don't take this trade blindly, do your own analysis first before entering. Feel free to use this analysis to assist you with yours. Feel free to leave any comments you have. Good luck!!!
Price is currently below the EMA's and is in a downwards trend so we have a strong bearish bias on this pair and are only currently looking for shorts until proven otherwise
Short Setup:
If price is able to pullback to our area of resistance and retest it and it holds then upon a bearish entry signal there would be some good entries for short positions on this pair
Long Setup:
We aren't interested on longs on this pair until we get a break and retest of the level of resistance for support above the EMA's but as this is out of the way and unlikely to happen unless we get a huge bullish move we need to be patient and wait for the setup to happen
Disclaimer:
This is my opinion on this asset at the time. This is not financial advise. Don't take this trade blindly, do your own analysis first before entering. Feel free to use this analysis to assist you with yours. Feel free to leave any comments you have. Good luck!!!