After the massive bearish rally that occurred last week, the price is trying to recover, form a decent bottom, and continue its bullish movements.
We can clearly observe that the price has been able to spike below the sideways-moving rectangular box illustrated on the chart and grab some liquidity before getting back within the borders of it. What is more, it could be that the price was just visiting the crucial zone of support portrayed on the graph. Either way, a massive bullish candle has been able to bounce off the local area of demand, giving us enough confirmations to go long and aim for the 1.004 resistance level.
We can clearly observe that the price has been able to spike below the sideways-moving rectangular box illustrated on the chart and grab some liquidity before getting back within the borders of it. What is more, it could be that the price was just visiting the crucial zone of support portrayed on the graph. Either way, a massive bullish candle has been able to bounce off the local area of demand, giving us enough confirmations to go long and aim for the 1.004 resistance level.
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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.