Price has been on the rise and following an ascending channel.
It just reversed from a strong resistance level and currently at the support line of the channel.
It is also currently at a horizontal support level.
I am not sure of the next move but I see two possibilities:
Scenario 1:
Price may continue to follow the channel and bounce off upwards to test the resistance again.
In this case we need to wait and confirm reversal to go long.
Scenario 2:
Price may break the support and continue downwards.
In this case we to wait and confirm a breakout in order to go short.
I would appreciate much to get your opinions on the pair in the comment section. If you agree with the analysis kindly hit the like button to show agreement.
It just reversed from a strong resistance level and currently at the support line of the channel.
It is also currently at a horizontal support level.
I am not sure of the next move but I see two possibilities:
Scenario 1:
Price may continue to follow the channel and bounce off upwards to test the resistance again.
In this case we need to wait and confirm reversal to go long.
Scenario 2:
Price may break the support and continue downwards.
In this case we to wait and confirm a breakout in order to go short.
I would appreciate much to get your opinions on the pair in the comment section. If you agree with the analysis kindly hit the like button to show agreement.