Saturday, June 5, 2021 9:27 AM EDT
With two Pin bars the price could not reach new highs. At the start of week the price moved higher than last week’s end, but it was short lived.
On the third day the price returned back down to a confluence of support and formed another bullish Pin bar.
On Thursday the price broke below through strong support and reached an area around $1.20800.
From there the price returned close to $1.21800, but closed below the resistance line.
The price is below strong resistance that has held the price above for two weeks which means it will need more buyers strength to move again above $1.21800.
The area between $1.20800 and $1.21800 is strong because in the past price had a hard time breaking above $1.21800.
Range area is now holding the price so I am expecting we will see the price inside for a while.
Below $1.20800, first support is around $1.20350 and then $1.20000.
Above, we have first resistance at $1.21800 and then around $1.22800.
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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