Saturday, February 27, 2021 9:35 AM EDT
The price has managed to break higher this week, but the break was short lasting. In the previous week analysis I have said that if the price manages to break above $1.21280 we could see it moving higher.
That has happened on Monday, and on Tuesday the price reached the first resistance level, $1.21793, I have said that could make a resistance for the price. And that happened.
The price returned back down, but the bulls have succeeded in pushing the price back. On Wednesday the price formed a bullish Pin bar that suggested a move up.
On Thursday the price broke above $1.21793 reaching the uptrend line, but it returned down on the same day forming a bearish Pin bar. On Friday the price returned all the way down to previous support, at $1.20800.
Friday candle has wiped out all what bulls have done since Monday. The price is still in range area.
What I am looking now is for a bullish price action signal on the $1.20800 support level that will prevent the price from moving down and which will make a base for future move up.
Strong selling pressure on the $1.21793 level shows me that it is an area where bears are not allowing the price easily to break above.
The price will need much more strength to break above.
For now bulls are holding ok, but the next week on the start will show where the price will move. There are also bears that are holding their ground so it will be hard for the price to get out from the range area where it is now.
Break above $1.21793 and daily candle close will confirm bulls strength where the price could look for another try to break above $1.22845 level.
If the price breaks below $1.20800 we could see it reach $1.20000.
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...
more
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by author. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material provided by this author. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained in this article, is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.
less
How did you like this article? Let us know so we can better customize your reading experience.