The 1st is formed by 13000.00 from the hourly time frame and 0.5 Fib level. I don't think that this zone is strong, because it's between SMA20 and SMA50 which are also support lines. I don't like reversals between MAs and I think the price can break this zone and drop lower. But still, we should note this zone and if there is a confirmed reversal signal from it, we'll be ready to open long positions.
The 2nd looks more solid. It's formed by SMA50, 10000.00 and 0.618 Fib level. If the price bounces from this zone, the reversal signal will be more reliable. We'll have a deep correction and a very interesting level for buying for long run. Also, and will be able to give good signals. Now they are only moving to important zones for reversals. But what if the price also breaks the 2nd support zone? In such way we should be ready to see the price falling to 8000.00 and SMA100. This zone will be the key one for the market. It will be perfect for buying based on any reversal signals, and it will be important for confirmation the uptrend. If we see falling below SMA100, probably the bears will come to this market and stay here for sometime.
And what do you think about the current market conditions? Please, share your thoughts in commnets.
Free Forex Signals: https://www.fxluxus.com
The Best Forex Broker for EAs: https://goo.gl/dsiQN8
Every time you are more wrong your friend graphics, lately you are with the left foot: S
a bullish H&S seems to appear on H1 with a last supply violat on down trend