The price increase before the market closed last week made today’s price open above 1783.00 earlier this week. The choppy movement gap dominated the past market price, which raises the question of whether this week the current market will move actively through the downtrend movement or so on.
On the price increase at the end of last week, looking at the current chart there has been a price pullback early this morning. The pullback tested the open price level of 1783.00 and created engulfing on the H1 chart.
The price position is currently at the nearest resistance level where 1786.00, to see if the next market conditions move in line with the price movement earlier this morning.
The candlestick created on the H4 chart has shown a breakdown indication at the price high for the past Friday. It is likely that today’s market price will be dominated by an uptrend if in H4 it does not create a new downtrend.
The nearest support and resistance price areas today are at:-
R1: 1786.00
R2: 1792.00
R3: 1802.00
------------
S1: 1780.00
S2: 1774.00
S3: 1764.00
Trading is currently encouraged to look at a low timeframe to see the best trading potential to buy or sell. All these trades need to be done using the amount of "initial capital" that is willing to risk.
www.moneylifeconsulting.com
Finally, to see more active movement it is recommended to wait for trading opportunities in the evening. Have a safe trade.
No comments:
Post a Comment