DAILY :
Over the past few days, we can see that the price has formed a downward channel.
4H TIMEFRAME :
Here we can see the main areas respected. As you can see, the price is getting close to a resistance zone, after a big rise this Monday.
1H TIMEFRAME:
Price made a W pattern this morning. The uptrend now is overbought, so we can possibly see some consolidation on the next hours.
TRADING IDEA: Price has now reached a important resistance zone. However, even if the price breaks this resistance, the price has as its next target the resistance of the daily channel.
So, I advise you to wait for the price to reach the top of this channel. Thereafter, if there is a breakout upon the channel, wait for a re test and buy this pair. If price respect the daily channel we might see a bearish wave for the next days. Simple as this.
Over the past few days, we can see that the price has formed a downward channel.
4H TIMEFRAME :
Here we can see the main areas respected. As you can see, the price is getting close to a resistance zone, after a big rise this Monday.
1H TIMEFRAME:
Price made a W pattern this morning. The uptrend now is overbought, so we can possibly see some consolidation on the next hours.
TRADING IDEA: Price has now reached a important resistance zone. However, even if the price breaks this resistance, the price has as its next target the resistance of the daily channel.
So, I advise you to wait for the price to reach the top of this channel. Thereafter, if there is a breakout upon the channel, wait for a re test and buy this pair. If price respect the daily channel we might see a bearish wave for the next days. Simple as this.