The pair is currently trading close to the strong key level 3. This level has been tested previously 3 times and the price failed to break it. The following are my thoughts about the pair :
- Previously the pair traded nicely on triangle(A), rejected by the key level 3 then broke out of the triangle to key level 2.
- Currently the price is again trading on triangle(B), next to key level 3.
1. If the current candle closes above key level 3 it will give a nice false breakout and a bull position will be favored and a breakout of the triangle after this move will further support the strength of the bullish movements
2. If the current candle closes below key level 3, this will clearly signal the continuation of the strong bearish move with anticipated next level being key level 4.
Conclusion : Wait for confirmation from today's candle before placing trades. Please do you own analysis before placing any trades.
- Previously the pair traded nicely on triangle(A), rejected by the key level 3 then broke out of the triangle to key level 2.
- Currently the price is again trading on triangle(B), next to key level 3.
1. If the current candle closes above key level 3 it will give a nice false breakout and a bull position will be favored and a breakout of the triangle after this move will further support the strength of the bullish movements
2. If the current candle closes below key level 3, this will clearly signal the continuation of the strong bearish move with anticipated next level being key level 4.
Conclusion : Wait for confirmation from today's candle before placing trades. Please do you own analysis before placing any trades.