As it can be inferred from the graph, the $1764-$1770 area of support has been nicely respected by the price and we have witnessed some massive bullish movements. As the general principle states, after an impulsive move, a correctional move is a MUST. We are expecting for the price to correct till the previously broken zone of resistance now turned support, which perfectly lines up with the 0.382 Fibonacci retracement level. We will be really careful and patient, as the price can even drop below that zone before launching up. Our target will be set at the area of crucial resistance illustrated on the chart.
Have a great trading week, community!
Have a great trading week, community!
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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.