Hey, traders. There were big movement on the chart.
Let's check the chart and what moved the price.
We can see
1. long-term ascending channel has been broken.
2. the price is following short-term descending channel.
3. overlapped resistance on 11800.00
We should check
Tuesday - JOLTs Job Openings (Aug)
Wednesday - ECB President Lagarde Speaks, UK Composite PMI (Sep), UK Services PMI (Sep), US ADP Nonfarm Employment Change (Sep)
Thursday - UK Construction PMI (Sep), ECB Publishes Account of Monetary Policy Meeting, US Initial Jobless Claims
Friday - EU Leaders Summit, US Nonfarm Payrolls (Sep), US Unemployment Rate (Sep)
We can expect
1. the price jump up to top line of descending channel.
2. the price drops to 10300 by resistance on 11800.00
3. breaking support on 11800.00, the price keep falling to bottom line of the descending channel.
Even if there was rebounding, we can see the price is still in the descending channel.
That means, the price still have pressure to drop and this rebounding is for short.
I can see the upward movement but only for this week. We may be able to have a chance to sell for long-term.
Let's see how it moves.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
Let's check the chart and what moved the price.
We can see
1. long-term ascending channel has been broken.
2. the price is following short-term descending channel.
3. overlapped resistance on 11800.00
We should check
Tuesday - JOLTs Job Openings (Aug)
Wednesday - ECB President Lagarde Speaks, UK Composite PMI (Sep), UK Services PMI (Sep), US ADP Nonfarm Employment Change (Sep)
Thursday - UK Construction PMI (Sep), ECB Publishes Account of Monetary Policy Meeting, US Initial Jobless Claims
Friday - EU Leaders Summit, US Nonfarm Payrolls (Sep), US Unemployment Rate (Sep)
We can expect
1. the price jump up to top line of descending channel.
2. the price drops to 10300 by resistance on 11800.00
3. breaking support on 11800.00, the price keep falling to bottom line of the descending channel.
Even if there was rebounding, we can see the price is still in the descending channel.
That means, the price still have pressure to drop and this rebounding is for short.
I can see the upward movement but only for this week. We may be able to have a chance to sell for long-term.
Let's see how it moves.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
