Saturday, January 9, 2021 4:14 AM EDT
Monday was pretty unclear because a large bearish Pinbar formed after Friday’s sell off. On Tuesday the price started to climb up and closed the day below previous candles close which was not clear sign will the price manage to break higher.
Wednesday was the day when the price broke out from the small range. But the breakout was a false signal where the price on Thursday returned back down.
The return inside range was strong. Two large bearish candles have wiped two weeks’ bulls’ work.
The price stopped at the support level $1.21793. That level is the previous confluence of support which is now preventing the price from falling down.
The market has changed in the last two days and strong bearish candles tell me the price could move more down. I will take this fall with reserve because it was Friday when the market makes creative moves.
I will wait for Monday to finish to see where the price is heading.
For now as it looks the price needs to close below $1.21600 on a daily basis to see resistance level $1.20800 as a next support.
If the price does not close below $1.21600 it could stay inside the range between $1.21793 and $1.22845.
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.
