Long Term Support about to be broken?
On the chart you can clearly see that long term support is broken. Also downtrend is in play since last couple of weeks - 2 trends are forming nice simetrical triangle.
My bias is short here. A lot of traders are waiting for confirmation on daily to enter short now. Let's just wait for confirmation and see if the trendline starts acting as resistance (personally I think it will test the line few times). If the trendline becomes resistance indeed, then it's safe to enter Short position and aim to the previous lows in the support line (1.486 or even 1.394).
On the other hand if the price goes above RED downtrend line and support trendline holds, we will see it rising even more, but I don't see this happening.
Good Luck!
My bias is short here. A lot of traders are waiting for confirmation on daily to enter short now. Let's just wait for confirmation and see if the trendline starts acting as resistance (personally I think it will test the line few times). If the trendline becomes resistance indeed, then it's safe to enter Short position and aim to the previous lows in the support line (1.486 or even 1.394).
On the other hand if the price goes above RED downtrend line and support trendline holds, we will see it rising even more, but I don't see this happening.
Good Luck!
Note
Works great! Hope you're in from the retest.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.