Saturday, October 9, 2021 9:34 AM EST
After breaking below $1.16187 in the previous week, the price made a small pullback to $1.16187. That pullback was in the form of a small bullish candle which did not close above.
The next day we had price falling down which was a sign of bears and confirmation of previous support now as a resistance.
The fall down was not large because downtrend channel support is close and $1.15462 is a small support level. Those two combinations stopped the price from falling further down.
The week had no strong moves and small bearish candles shows the market is in slow pace. That means all support and resistance levels will have a role in the market. And the price stopped right on one of those small supports.
Indecision candles right on the crossover of horizontal support and downtrend channel support gives a small clue that bulls are not taking over. And that is because bulls need much more strength to move the price higher.
That bullish move could happen on the $1.14748 level which is a strong support. At that level the sellers could get out from the market and allow the price to make a pullback up.
Possible sell entries are around $1.16187 if the price action signal appears as a bearish Pin bar or a bearish engulfing candle.
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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