My bias is to the short side with this trade. There's news coming up soon so you might want to wait for that before place a trade if your a conservative trader. if your a risky trader like me, you might want to place the trade anytime from this moment.
Reason for trade: As shown on the chart every time price has reached that area of support or resistance price has rejected that area at a faster rate and you can see that the two prior test of that area got rejected with momentum. secondly you can see prior to this there has been a head and shoulders pattern which could indicate a trend reversal. Lastly the RSI indicator has indicated an oversold, another confluence to add to the probability.
Always trade with proper RISK MANAGEMENT.
Reason for trade: As shown on the chart every time price has reached that area of support or resistance price has rejected that area at a faster rate and you can see that the two prior test of that area got rejected with momentum. secondly you can see prior to this there has been a head and shoulders pattern which could indicate a trend reversal. Lastly the RSI indicator has indicated an oversold, another confluence to add to the probability.
Always trade with proper RISK MANAGEMENT.