As you guys can see, we are now trying to break this descending channel on the daily chart, after the rejection of the support zone between 0.828-0.828.
Because this is volatile market and we can't predict the future, there are 2 possible scenarios:
For LONGS:
-We are bouncing on the 50 MA;
-Wait for a confirmation of the break out, a good 1D candle close above the channel would be great;
-Wait for a break of the resistance zone between 0.858-0.860 and catch the retest on lower time frames;
For SHORTS:
-Wait for a good rejection of that resistance zone and the reentrance on the descending channel;
Be patient, wait for the market to tell you which way to go, do always use stop-losses and remember this is not financial advice.
Because this is volatile market and we can't predict the future, there are 2 possible scenarios:
For LONGS:
-We are bouncing on the 50 MA;
-Wait for a confirmation of the break out, a good 1D candle close above the channel would be great;
-Wait for a break of the resistance zone between 0.858-0.860 and catch the retest on lower time frames;
For SHORTS:
-Wait for a good rejection of that resistance zone and the reentrance on the descending channel;
Be patient, wait for the market to tell you which way to go, do always use stop-losses and remember this is not financial advice.