The Banks and Institutions have placed three Sell Orders in the past as we can see in the chart. There is a Strong Confluence of Resistance in the 69.65 - 69.93 area.
Are the Banks preparing to place another Sell Order?? I don't really know. But I have two plans already.
We have Four types of Resistance in this area. 61.8% Fibonacci Resistance, 100 Moving Average Resistance on H4 Chart, Trendline Resistance and Weak Horizontal Resistance.
Trade Idea
First Idea (Main Plan)
I am planning to go short (Sell) in the 69.72 area if all my conditions are met. The Resistance Confluence is very Strong but I will not enter yet. I am waiting for confirmation. Let us wait and observe the Candlesticks and Price Action first. Target TP1 is at 69.74. Target TP2 is at 69.25
Second Idea (Backup Plan)
On the other hand, if the Upper part of the Weak Resistance at 70.20 is broken by the Bulls, I am prepared to Buy with Target TP at 70.70
Are the Banks preparing to place another Sell Order?? I don't really know. But I have two plans already.
We have Four types of Resistance in this area. 61.8% Fibonacci Resistance, 100 Moving Average Resistance on H4 Chart, Trendline Resistance and Weak Horizontal Resistance.
Trade Idea
First Idea (Main Plan)
I am planning to go short (Sell) in the 69.72 area if all my conditions are met. The Resistance Confluence is very Strong but I will not enter yet. I am waiting for confirmation. Let us wait and observe the Candlesticks and Price Action first. Target TP1 is at 69.74. Target TP2 is at 69.25
Second Idea (Backup Plan)
On the other hand, if the Upper part of the Weak Resistance at 70.20 is broken by the Bulls, I am prepared to Buy with Target TP at 70.70