As it can be inferred from the chart, the price is currently testing an important zone of resistance. The previous DAILY candlestick has left a nice wick to the upside and closed bearish. On the lower timeframes, it can be observed that a nice top is being formed and the price is preparing to launch to the downside. 0.928 area of previous resistance now turned support that lines up with 0.618 Fibonacci retracement level is our initial target.
Safe trades, everyone!
Safe trades, everyone!
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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.