The first target of previous short was reached overnight,
which was the Weekly S1. Since price is in a bearish trend
on higher timeframes, including the daily chart, Chances
are good that we will see a test of previous reaction low,
which was just shy of the Yearly S2 at 81,70,. This in confluence
with the Monthly S1, will create a strong support zone,
81,00-82,00.
Any bounce should be sold and a weekly close below Monthly
S1 will open up for a move towards Monthly S2 just above
76,00. The Median Line (red line) may also come into play
and act as support.
which was the Weekly S1. Since price is in a bearish trend
on higher timeframes, including the daily chart, Chances
are good that we will see a test of previous reaction low,
which was just shy of the Yearly S2 at 81,70,. This in confluence
with the Monthly S1, will create a strong support zone,
81,00-82,00.
Any bounce should be sold and a weekly close below Monthly
S1 will open up for a move towards Monthly S2 just above
76,00. The Median Line (red line) may also come into play
and act as support.
