TECHNICAL ANALYSIS
-The price tested more times the resistance at 1.19436, a very strong weekly area that reverse the market several times
-The price then, at the end of September, started a brearish movement, bouncing twice on the support at 1.16172, reaching again the weekly resistance at the beginning of November.
-Since that moment, the market started an Ascending Channel with not a really clear uptrend, but constantly bouncing on the inferior support of the trend. At the beginning of December the market got strong volatility and the price pushed quickly trying to reach the superior resistance of the channel.
CONCLUSION:
Actually the price seems to be in a consolidation period, in a daily time frame I can also see a Double Top pattern, Volumes are slowly decreasing, the price is Overbought and the volatility is not strong as the previous days.
I will entry SHORT at the level 1.20682, if I'll get a confirmation from the pattern.
I hope you enjoyed my analysis, let me know if you like the way I make this kind of free daily analysis, it'll help me so much to improve what people like more to watch and read.
If you have some similar or different idea, just let's discuss that!
Have a good trade!
-The price tested more times the resistance at 1.19436, a very strong weekly area that reverse the market several times
-The price then, at the end of September, started a brearish movement, bouncing twice on the support at 1.16172, reaching again the weekly resistance at the beginning of November.
-Since that moment, the market started an Ascending Channel with not a really clear uptrend, but constantly bouncing on the inferior support of the trend. At the beginning of December the market got strong volatility and the price pushed quickly trying to reach the superior resistance of the channel.
CONCLUSION:
Actually the price seems to be in a consolidation period, in a daily time frame I can also see a Double Top pattern, Volumes are slowly decreasing, the price is Overbought and the volatility is not strong as the previous days.
I will entry SHORT at the level 1.20682, if I'll get a confirmation from the pattern.
I hope you enjoyed my analysis, let me know if you like the way I make this kind of free daily analysis, it'll help me so much to improve what people like more to watch and read.
If you have some similar or different idea, just let's discuss that!
Have a good trade!
