Saturday, March 20, 2021 9:29 AM EDT
We have an end of the week with the price around the same level where it started the week. The $1.19037 is still holding as a support.
What we can see from the start of the week is that the price has moved to $1.19037 and from there reversed back up next to resistance level at $1.20000.
From there the price returned back down and ended the week with the close right on the support level.
As I said in the previous weekly analysis the price could return back up and then back down to the support which will be an indication that we will see the price moving down from here.
I am still bearish oriented because the price is returning back to support level at $1.19037. It means the selling pressure is strong and eventually will break down.
Break down will open the road to $1.17000 support which is lower end of the previous range area.
First sign of a break below will be a daily candle close below $1.19000. If the price returns back to $1.19000 after breaking down and making a bearish price action signal on $1.19000 it will mean we have a confirmation the price is moving down.
As we can see on the $1.17000 we have confluence level of support, so that level will stop the price from falling more down.
Only strong market movements could lead the price below $1.17000 without holding the price for a while.
Until the break down below $1.19000 happens I am waiting before entering into any trade. I want to see the price below and then return back up to retest previous support at $1.19000 which will after that act as a resistance.
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 ...
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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.
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