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TECHNICAL ANALYSIS:
-Since the end of March, the market had been following a strong downtrend, breaking the ema 50 on the 1st of June, bouncing on a daily support zone at about 1.72062.
-The support zone rejected the price, reversing the trend as a trend correction. (the failed attempt to retest the support level at the end of July, confirmed the new uptrend)
-Since the beginning of September until the end of October, the price has been following a side trend, bouncing many times on an important weekly resistance zone, before collapsing down in a long downtrend.
CONCLUSION:
The price bounced on the weekly trendline support and it's moving also around a daily resistance.
It's actually getting strenght enought to start a new uptrend trying to reach the resistance level.
I'd entry long if the price break the level at 1.74000 and I'll get one more confirmation about the new uptrend.
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TECHNICAL ANALYSIS:
-Since the end of March, the market had been following a strong downtrend, breaking the ema 50 on the 1st of June, bouncing on a daily support zone at about 1.72062.
-The support zone rejected the price, reversing the trend as a trend correction. (the failed attempt to retest the support level at the end of July, confirmed the new uptrend)
-Since the beginning of September until the end of October, the price has been following a side trend, bouncing many times on an important weekly resistance zone, before collapsing down in a long downtrend.
CONCLUSION:
The price bounced on the weekly trendline support and it's moving also around a daily resistance.
It's actually getting strenght enought to start a new uptrend trying to reach the resistance level.
I'd entry long if the price break the level at 1.74000 and I'll get one more confirmation about the new uptrend.
❤️If you enjoy my FREE Technical Analysis , let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!❤️
