By ForexTime
Bulls tried to reach the weekly resistance level yesterday but were unable to shake the bearish resolve. Prices seem to be picking up negative momentum and might be heading south to a weekly support level at 144.758.
Looking at the structure of the market on a lower time frame for better timing, the H4 chart proves to give valuable insight. The potential bearish momentum is confirmed by the price being below the 50 Linear Weighted Moving Average with both the Momentum Oscillator and the Moving Average Convergence Divergence (MACD) in bearish terrain.
The weekly resistance level might be re-tested but if it holds and the price reaches the 146.226 level, a short opportunity will be triggered.
Attaching a modified Fibonacci tool to the trigger level just below the last lower bottom at 146.226 and dragging it to just above the last lower top at 147.452, four possible targets can be established:
Free Reports:
If the price at 147.452 is broken, this scenario is no longer applicable.
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
By JustMarkets At the end of Friday, the Dow Jones Index (US30) was up 1.18%…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro The latest update for the weekly Commitment of Traders (COT) report was released…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
This website uses cookies.