Long term trend: Down
Medium term trend: Down
Significant Levels: 0.9000 (Significant Round Number), 0.8890 (Horizontal Resistance), 0.8680 (Horizontal Support)
As previously mentioned, the price is in a range and still remained in it. Yesterday's candle rejected the Horizontal Support line. We might see the price go up for now as it touched the Support line. I'm still bearish with this currency pair, but currently, the pair is in a Range. Therefore, I would prefer if the price will break below the Support. Although, the breakout in either the Support or Resistance would be tradable.
It would be good to place a Long trade now with the Stop Loss below the Support and the Target Profit around the 0.764 Fibonacci Retracement.
Trade well.
Medium term trend: Down
Significant Levels: 0.9000 (Significant Round Number), 0.8890 (Horizontal Resistance), 0.8680 (Horizontal Support)
As previously mentioned, the price is in a range and still remained in it. Yesterday's candle rejected the Horizontal Support line. We might see the price go up for now as it touched the Support line. I'm still bearish with this currency pair, but currently, the pair is in a Range. Therefore, I would prefer if the price will break below the Support. Although, the breakout in either the Support or Resistance would be tradable.
It would be good to place a Long trade now with the Stop Loss below the Support and the Target Profit around the 0.764 Fibonacci Retracement.
Trade well.