• Bullish trend still in play and intact
• Prices recently broke an ascending channel, showing signs of additional strength of the prevailing trend
• Bulls faced resistance at 2017 high, the round level of 1.3800
• Next resistance at 1.40 psychological level and 2016 high followed by 1.4670 (2022 and 2016 peak)
• Trading recommendations:
• Might be reasonable for short term sellers to short at this point (1.37s) with a stop loss just above 1.38, betting on a short term correction
• Buyers might wait for a retracement or buy on a confirmed break above 1.38 with a target near 1.40
• Prices recently broke an ascending channel, showing signs of additional strength of the prevailing trend
• Bulls faced resistance at 2017 high, the round level of 1.3800
• Next resistance at 1.40 psychological level and 2016 high followed by 1.4670 (2022 and 2016 peak)
• Trading recommendations:
• Might be reasonable for short term sellers to short at this point (1.37s) with a stop loss just above 1.38, betting on a short term correction
• Buyers might wait for a retracement or buy on a confirmed break above 1.38 with a target near 1.40
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.