• Bullish trend intact despite recent fall
• 0.8600 very critical in this scenario
• The above level served as resistance from Sep 21 till the breakout in Sep 22
• After 5 failed tests of 0.8600, the 6th one was in Sep 22 when the breakout occured and prices rallied to 0.90 and above
• As you know, resistance levels become support as they are broken and that is the case now
• Besides the horizontal mentioned level, there is an ascending trend line dating back to Aug 22 which is also offering support at around the same level of 0.8600
• When different indicators converge at one level, the latter become a critical one
• Buy orders recommended as long as above 0.8600 with stop loss just below that level
• Sell orders on a confirmed break below the support 0.8600 figure
• 0.8600 very critical in this scenario
• The above level served as resistance from Sep 21 till the breakout in Sep 22
• After 5 failed tests of 0.8600, the 6th one was in Sep 22 when the breakout occured and prices rallied to 0.90 and above
• As you know, resistance levels become support as they are broken and that is the case now
• Besides the horizontal mentioned level, there is an ascending trend line dating back to Aug 22 which is also offering support at around the same level of 0.8600
• When different indicators converge at one level, the latter become a critical one
• Buy orders recommended as long as above 0.8600 with stop loss just below that level
• Sell orders on a confirmed break below the support 0.8600 figure
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.
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.