TECHNICAL ANALYSIS
-SInce July, the market was moving in a clear Ascending Channel, reaching first the Resistance at 124.884, breaking it. After that the price started bouncing on the Resistance at 126.552, a strong weekly resistence, a reversal point several times in the past. The price created then a clear TRIPLE TOP, completed during the end of September.
-In the middle of October, the price reached again the resistance at 124.884, bouncing on that, starting creating a full clear HEAD and SHOULDER Pattern, completed at the beginning of December.
-Volumes were increasing, the market was pushing up, reaching our previous strong weekly resistance at 126.552, now everything seems to be quite, we got a consolidation moment, the price is OVERBOUGHT, the MOMENTUM and the VOLATILITY are not strong, waiting for the next market movement.
CONCLUSION:
I aspect a BEARISH MOVEMENT for a few reasons, the price reached a strong resistance and it seems to be no able to break it, the price is actually overbought and boucing on the h4 EMA 50, I'll probably entry SHORT at 125.600 if I'll get one more confirmation.
I hope you can enjoy my free analysis, write a comment if you like my way to explain my ideas, it will help me so much to improve my profile
have a good week and trade safe! :D
-SInce July, the market was moving in a clear Ascending Channel, reaching first the Resistance at 124.884, breaking it. After that the price started bouncing on the Resistance at 126.552, a strong weekly resistence, a reversal point several times in the past. The price created then a clear TRIPLE TOP, completed during the end of September.
-In the middle of October, the price reached again the resistance at 124.884, bouncing on that, starting creating a full clear HEAD and SHOULDER Pattern, completed at the beginning of December.
-Volumes were increasing, the market was pushing up, reaching our previous strong weekly resistance at 126.552, now everything seems to be quite, we got a consolidation moment, the price is OVERBOUGHT, the MOMENTUM and the VOLATILITY are not strong, waiting for the next market movement.
CONCLUSION:
I aspect a BEARISH MOVEMENT for a few reasons, the price reached a strong resistance and it seems to be no able to break it, the price is actually overbought and boucing on the h4 EMA 50, I'll probably entry SHORT at 125.600 if I'll get one more confirmation.
I hope you can enjoy my free analysis, write a comment if you like my way to explain my ideas, it will help me so much to improve my profile
have a good week and trade safe! :D