General Trend still Bearish. Retest of yesterday's high a possibility and maybe higher but as long as Previous Supply Zone is not breached, price will just travel to and fro the trend lines and within range of supply area. I would look to sell on price break at lower trend line or any sign of weakness from upper tl. "Trend is your friend, they say" - so my preference is to sell the highs at any sign of weakness so as not to get caught on the wrong side of the fence.
No matter how I look at this,rally is a bull trap and just taking a breather to take the price down beyond the triple bottom. Take note of pattern formed on time frames - Rising Wedge. Nothing much has changed with my outlook for this pair.
NOTE: IMHO, change of outlook to bullish when previous supply area is strongly breached.
No matter how I look at this,rally is a bull trap and just taking a breather to take the price down beyond the triple bottom. Take note of pattern formed on time frames - Rising Wedge. Nothing much has changed with my outlook for this pair.
NOTE: IMHO, change of outlook to bullish when previous supply area is strongly breached.
