The price reached the resistance zone formed by Moving Averages with 100 and 200 periods. What does it mean?
It means that we should be ready to see a pullback, and it will be able to give us sell opportunities based on the daily and hourly timeframes.
If we look at the indicators, we will see that RSI has the space for the upward movement. MACD histogram is going to support the upward movement. MACD lines provide us a bullish signal. But at the same time, DMI indicator does not show us the strength of buyers.
As a result, we should be ready to see a price reversal or a false attempt to pass through the resistance level. Both variants will be good for selling. And another reason for selling is the resistance zone formed by 1.34000 and 1.32000 round numbers. This zone could stop and reverse the market in the past, why not to do the same again?
It means that we should be ready to see a pullback, and it will be able to give us sell opportunities based on the daily and hourly timeframes.
If we look at the indicators, we will see that RSI has the space for the upward movement. MACD histogram is going to support the upward movement. MACD lines provide us a bullish signal. But at the same time, DMI indicator does not show us the strength of buyers.
As a result, we should be ready to see a price reversal or a false attempt to pass through the resistance level. Both variants will be good for selling. And another reason for selling is the resistance zone formed by 1.34000 and 1.32000 round numbers. This zone could stop and reverse the market in the past, why not to do the same again?
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