The daily timeframe gives us some ideas about how we can trade in this market. The price reached the resistance zone formed by 0.91000 and 0.91200 level. If the price bounces, it will be possible to search for entry levels for short trades using lower timeframes. We should expect the short term pullback from the resistance zone.
If the price breaks this resistance, it will be a signal telling us about the upward movement to another resistance zone, which was formed by SMA200 and 0.92000 resistance level. I'm not sure about buying based on the breakout signal. The market made the good movement already, and it can move downward at any time. Also, we don't have enough space for the upward movement.
As the price will be able to reach the 2nd resistance zone, I would like to offer another sell opportunity based on the confirmed reversal signals from the daily and lower timeframes.
The market looks interesting for selling, and it must be added to your watchlist.
If the price breaks this resistance, it will be a signal telling us about the upward movement to another resistance zone, which was formed by SMA200 and 0.92000 resistance level. I'm not sure about buying based on the breakout signal. The market made the good movement already, and it can move downward at any time. Also, we don't have enough space for the upward movement.
As the price will be able to reach the 2nd resistance zone, I would like to offer another sell opportunity based on the confirmed reversal signals from the daily and lower timeframes.
The market looks interesting for selling, and it must be added to your watchlist.
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💎 Share My BEST Trades here 👉 bit.ly/wubits
