Two channels are perfectly seen in the chart! An ascending in green and a descending in red!
Regarding the static levels we are far from the strong support and almost close to a seller activity level. Also the midline of the newly formed uptrend channel does not seem very strong and we can’t trade based on it.
At the same time, The Bearish mid-term channel is clearly broken and a reversal and a retest just happened there.
The levels of certainty is low but we can say bulls are a little stronger regarding the trend lines, Channels and Levels.
100 day moving average is perfectly broken but In dealing with 200 days SMA, we encountered a strong presence of sellers.
So moving averages don’t indicate a clear signal too however, bears are a little stronger regarding SMAs!
Conclusion:
Market is not as clear as I could suggest a buy or sell option. I except a consolidation till the bottom of uptrend channel, where strong bulls begin to be appeared, then we will accompany price after breaking or reacting to the bottom.
Although, if in your strategy, indicators don’t play any role, you can enter a long position and take profits in 2 steps at around 1.37 and 1.39. In the case of entering long right now, You can put your SL just under the consolidation box.
Regarding the static levels we are far from the strong support and almost close to a seller activity level. Also the midline of the newly formed uptrend channel does not seem very strong and we can’t trade based on it.
At the same time, The Bearish mid-term channel is clearly broken and a reversal and a retest just happened there.
The levels of certainty is low but we can say bulls are a little stronger regarding the trend lines, Channels and Levels.
100 day moving average is perfectly broken but In dealing with 200 days SMA, we encountered a strong presence of sellers.
So moving averages don’t indicate a clear signal too however, bears are a little stronger regarding SMAs!
Conclusion:
Market is not as clear as I could suggest a buy or sell option. I except a consolidation till the bottom of uptrend channel, where strong bulls begin to be appeared, then we will accompany price after breaking or reacting to the bottom.
Although, if in your strategy, indicators don’t play any role, you can enter a long position and take profits in 2 steps at around 1.37 and 1.39. In the case of entering long right now, You can put your SL just under the consolidation box.