Hi Traders,
So I've been watching this channel form (possible bear flag but that seems unlikely) the past couple of weeks. We have a break & close above strong resistance at 0.6860, but I believe we will break back below subsequently initiating a pullback to the lower end of the channel around 0.6700 due to the daily candle doji close at channel highs.. In which bulls should attempt for a impulsive leg higher above resistance reaching last years support turned resistance at 0.7230. In which we should have a decent short selling trade in place. Until then Long trades seem favored on pullbacks with more risk being to the upside vs. the downside.
Hope you enjoy and find my simple technical analysis helpful. Cheers.
So I've been watching this channel form (possible bear flag but that seems unlikely) the past couple of weeks. We have a break & close above strong resistance at 0.6860, but I believe we will break back below subsequently initiating a pullback to the lower end of the channel around 0.6700 due to the daily candle doji close at channel highs.. In which bulls should attempt for a impulsive leg higher above resistance reaching last years support turned resistance at 0.7230. In which we should have a decent short selling trade in place. Until then Long trades seem favored on pullbacks with more risk being to the upside vs. the downside.
Hope you enjoy and find my simple technical analysis helpful. Cheers.
