This week price did not behaved as predicted in the previous weekly forecast because the price did not move down when it returned back to downtrend channel resistance line.
The price managed to return back into area between $1.20800 and $1.21793 levels. It is an area where the price has been around since December.
The sellers could not return the price back down to $1.19000 where I have been expecting it to reach in this week. From there I would look for buying opportunities because of a strong support level.
But, the price managed to return back up earlier and now the price has broken above downtrend channel. On Friday we can see the price has returned back down to $1.20800 level which is previous resistance which now acts as a support. From the support level the price retraced back up and formed a bullish Pin bar.
In the next week I will wait for the price to define where it will move for the next few weeks.
If the price close above $1.21793 level I will look for bullish signals on retrace.
From there I will wait price to reach $1.22845 level. If the price comes to that level I expect to make a retrace from that level and then I will wait to see what it will do.
If the price falls below $1.20800 then the price will look for the first support which is $1.20000. From there the price will be below strong resistance line which will mean for me that the market is in bearish sentiment.
Comments
Log in or sign up to join the conversation.