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Context:
price remains in a downchannel and tested the 50% retracement level of the alltime rally at 1080
which is a major key level , any break of this level and we head lower, any bulls enetering here and we may start a new rally
Location:
Price formed a indecision at the key level of 1080 and broke out to the upside this should be considered a sign of strenght
Price Action:
the breakout to the upside resulted in a rally which got to an halt at 1125ish and price now
formed a minor range with support 1112ish and resistance at 1120ish , resistance has been broken
and we even have a retest at hands. price may head to its current highs at 1125 if the highs get taken out
we have another sign of strenght at hands,
conclusion:
on a break of the highs at 1125 one can lookout for longs on a retracement , a rejection of the highs
may hold a short play at hands.. but the risk to reward isnt in the favour of shorts at ths level.
Context:
price remains in a downchannel and tested the 50% retracement level of the alltime rally at 1080
which is a major key level , any break of this level and we head lower, any bulls enetering here and we may start a new rally
Location:
Price formed a indecision at the key level of 1080 and broke out to the upside this should be considered a sign of strenght
Price Action:
the breakout to the upside resulted in a rally which got to an halt at 1125ish and price now
formed a minor range with support 1112ish and resistance at 1120ish , resistance has been broken
and we even have a retest at hands. price may head to its current highs at 1125 if the highs get taken out
we have another sign of strenght at hands,
conclusion:
on a break of the highs at 1125 one can lookout for longs on a retracement , a rejection of the highs
may hold a short play at hands.. but the risk to reward isnt in the favour of shorts at ths level.