**Daily**: Overall bullish trend. Current price action meet the strong resistance and did not broke above, which mean that the resistance holds its power. MACD also shows bullish momentum is weak.
**4H**: The pair is ranging in 4h. Pin bar candle also formed recently while meeting the strong resistance and bounce back down. Price did not manage to turn previous 0.7770 resistance key area (blue zone) into new support for its bullish impulse. Instead, the price broke below the 0.7770 area and continue act as a strong resistance. MACD shows that bullish momentum is weak with more bearish momentum is being added in the recent price action.
**What to do now? When to sell?**
- In my last analysis, I expect the pair will continue its bullish impulse when it go to retest the key area (0.7650- 0.7700).
- However, recent price action in 4h showing potential head and shoulder pattern will form, especially when it bounces back down from the daily resistance zone. Hence, I expect the pair will go down to my initial retest target at 0.7650- 0.7700.
- Sell now or wait the price to break the current 0.7720 support area.
- Do remember the pair is very bullish in the higher timeframe. Counter trend trading is very risky.
Good luck trade !
**4H**: The pair is ranging in 4h. Pin bar candle also formed recently while meeting the strong resistance and bounce back down. Price did not manage to turn previous 0.7770 resistance key area (blue zone) into new support for its bullish impulse. Instead, the price broke below the 0.7770 area and continue act as a strong resistance. MACD shows that bullish momentum is weak with more bearish momentum is being added in the recent price action.
**What to do now? When to sell?**
- In my last analysis, I expect the pair will continue its bullish impulse when it go to retest the key area (0.7650- 0.7700).
- However, recent price action in 4h showing potential head and shoulder pattern will form, especially when it bounces back down from the daily resistance zone. Hence, I expect the pair will go down to my initial retest target at 0.7650- 0.7700.
- Sell now or wait the price to break the current 0.7720 support area.
- Do remember the pair is very bullish in the higher timeframe. Counter trend trading is very risky.
Good luck trade !
Trade fermée: ordre d’arrêt atteint
