The price is currently figthing over the 200 MA, the inner trendline, touching the 20 MA and is at a demand zone.
The price migth as well bounce as it could try to break lower. If it breaks higher then see the 2 next supply zones as profit levels - as well as for a lower target which aims for the 50 and 100 MAs.
The structure of the price action is tricky to trade directly at the market opening as it is lined to break lower but so far we also see that the inner trendline and the demand zone is holding. Wait to see confirmation of either direction.
If the price would try to break lower beyond the 2nd demand zone (which I deem unlikely coming week) then there is an uncomplete inverted H&S (left shoulder and the head) down around 1.4720-1.4637.
I will trade this one on the 60 min or lower time frames
The price migth as well bounce as it could try to break lower. If it breaks higher then see the 2 next supply zones as profit levels - as well as for a lower target which aims for the 50 and 100 MAs.
The structure of the price action is tricky to trade directly at the market opening as it is lined to break lower but so far we also see that the inner trendline and the demand zone is holding. Wait to see confirmation of either direction.
If the price would try to break lower beyond the 2nd demand zone (which I deem unlikely coming week) then there is an uncomplete inverted H&S (left shoulder and the head) down around 1.4720-1.4637.
I will trade this one on the 60 min or lower time frames
