As you can see price reached a strong resistance area wich is between 50% and 61.8% levels of Fibonacci retracement and previous strong support area. Also we can see a formed parallel channel that reached to resistance. We also have a strong trend line which I believe there is a strong possibility for the price to touch it.
Price eventually breaks the channel and goes down to support, it is in a very extended resistance area and because of that we can't say exactly when the price is going down, but we most monitor price action in H1 and M15 time frames and enter short position after confirmation, which is channel breakout with strong close below it or waiting for a pullback and a rejection too.
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Price eventually breaks the channel and goes down to support, it is in a very extended resistance area and because of that we can't say exactly when the price is going down, but we most monitor price action in H1 and M15 time frames and enter short position after confirmation, which is channel breakout with strong close below it or waiting for a pullback and a rejection too.
Wait for further updates on this idea.
Don't forget to like and leave me any questions, comments or observations.
You can visit my last ideas and follow me for further ideas like this, thank you.
Comment:
Broke the channel, going down to support.
