Technical indicators and trendlines for now show to me a short term bullish trend which can go up to 1.5145 but it is confirmed only from the RSI on daily chart which remains at 50+ right now but this bullish act is not confirmed by EMA 3,7,14 crossover so it's not 100% confirmed yet. . As for long term we are in a bearish mode which is not to a point to sell or buy right now because we are in the mid of the 2 long term monthly trend lines which they indicate a future long buy price at around 1.1000 and short sell price at around 1.5000
Trade closed: target reached:
The bulls can close their positions since today we hitted 1.5142 and we are back down to the long term bearish act this will try 1.1334 level if it breaks we get a the next downtrend line as a resistance level which will be around 1.105-1.108 depends on how fast this will act, keep checking my trendlines for most accurate actions on the pair.You can wait for my downtrend confirmation tommorow as for today the EMA 3,7,14 didn't cross yet on the daily chart (we getting right now this cross on the hourly very short term chart)
Comment:
Heiken Ashi indicator gives a Red Candle on the daily chart which confirms a bear action and also RSI gives a descending line which is a confirmation as well
Comment:
Technically we are about to get a long resist at 1.1330 -1.1340 level this will break through easily only if we get strong fundamentals that will give a strong sell wave we will keep going down until 1.105-1.108 level which is very possible to happen between 2-3 weeks. Remember this is long term investing not short term trading so we need patience to achieve the levels. The circles of the trendlines that we use are repeated from 3 months to 12 months period. So keep calm and enjoy the fun we are at the beggining