As it can be inferred from the chart, the price opened lower this week as the market digested the US job reports over the course of the weekend. Moreover, technical analysis backs up a possible SELL opportunity as well. The price was super bullish last week and possible correctional moves are definitely needed. In addition, it can be observed that the price is forming a top at a crucial zone of resistance. We are eyeing two targets and waiting for the price to drop and hit at least the first one. The first target is pretty straightforward as it is set at the 0.382 Fibonacci retracement level. The second target is placed on the area of previous resistance now turned support that nicely aligns with 50% Fibonacci retracement level.
Have a great trading week, everyone!
Have a great trading week, everyone!
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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.