Saturday, September 25, 2021 4:02 AM EDT
The market did not move too far from the price it started the week, which shows indecision in the market.
We had a week that started with indecision candles for two days and then a bearish candle on Wednesday. That move did not last for too long because on Thursday the price made a bullish engulfing candle and closed above previous day's close.
On Friday the price returned down, but it stopped right on the support level.
What we see here on the chart is the price having a hard time to break below $1.17200 which is nothing strange. Similar scenario was on August 19, when the price broke below support level and returned quickly back above $1.17200.
The Engulfing candle does not look too strong, but formation is on the support level which gives a clue the price could move to the $1.18000 level mentioned in the last week analysis.
So, the small pullback back to $1.18000 is likely and then the price could make another test to break below $1.17200.
I am still bearish oriented and I will look for a $1.18000 bearish signal.
If the market changes sentiment into bullish I need to see the price close above $1.19000 to confirm that.
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...
more
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by author. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material provided by this author. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained in this article, is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.
less
How did you like this article? Let us know so we can better customize your reading experience.
