After an extended move down, we see price starting to correct.
From a SnD point of view price is testing the 4hrs and the 15mins weak swing point which i think will break taking price to the demand level at 0.66022. Notice also that we have a 1 month support level at 0.65958. (that should at least give us confidence of price reversing from the price point.
Currently we see price kind of starting to rise but i believe that move will not be sustained, I anticipate a resistance from the 50% Retracemennt from 52 wk High and even if that doesnt work the 50% retracement from 13 wk H/L might provide the resistance we need to push price down to our demand level.
Once price hits our demand level and grabs liquidity from the 1month low level, we need to see a confirmation signal for entry. Please use proper risk management, trading is risky and as always this is not a signal, it's just my analysis for the market and how I view it.
From a SnD point of view price is testing the 4hrs and the 15mins weak swing point which i think will break taking price to the demand level at 0.66022. Notice also that we have a 1 month support level at 0.65958. (that should at least give us confidence of price reversing from the price point.
Currently we see price kind of starting to rise but i believe that move will not be sustained, I anticipate a resistance from the 50% Retracemennt from 52 wk High and even if that doesnt work the 50% retracement from 13 wk H/L might provide the resistance we need to push price down to our demand level.
Once price hits our demand level and grabs liquidity from the 1month low level, we need to see a confirmation signal for entry. Please use proper risk management, trading is risky and as always this is not a signal, it's just my analysis for the market and how I view it.
Note
I forgot to mention this; I have three zones that I would be closely watching;The 2nd level i am would be closely looking at, supposing level 1 fails would be 0.6550s, we have an FVG+ pivot point at that level
the final level that i would be looking at supposing level 1 and 2 fails would be the 0.6500s.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.