Long term trend: Up
Medium term trend: Down
Significant Levels: 1187 (Horizontal Resistance), 1080 (Horizontal Support)
As previously mentioned, the recent move that formed is what we're looking for, the breakout below the 1187 significant level. As of writing, a retracement is forming near the support-turned-resistance line. This is a great opportunity to trade now. Even though the previous candle is a Large Bullish one, the resistance could not be broken that easily. Especially that the price recently broke below it. It would be a nice opportunity for us to get in the market and place our Short trade.
Place a Short trade at or below the 1187 level and the Stop Loss above it.
Trade well.
Medium term trend: Down
Significant Levels: 1187 (Horizontal Resistance), 1080 (Horizontal Support)
As previously mentioned, the recent move that formed is what we're looking for, the breakout below the 1187 significant level. As of writing, a retracement is forming near the support-turned-resistance line. This is a great opportunity to trade now. Even though the previous candle is a Large Bullish one, the resistance could not be broken that easily. Especially that the price recently broke below it. It would be a nice opportunity for us to get in the market and place our Short trade.
Place a Short trade at or below the 1187 level and the Stop Loss above it.
Trade well.