Price has printed a strong bearish engulfing on the 1h timeframe, followed by further bearish pressure through the 200MA.
Trade Scenario 1: Bullish - For us to go long we will need to see price form support at our current demand zone of 78.20. Enter on strong bullish candles/variations.
Trade Scenario 2: Bearish - For us to go short we will need to see price break through 78.20 with conviction. We will then look for a retrace and for the 78.20 zone to flip as resistance. Enter on strong bearish candles/variations.
Trade Scenario 1: Bullish - For us to go long we will need to see price form support at our current demand zone of 78.20. Enter on strong bullish candles/variations.
Trade Scenario 2: Bearish - For us to go short we will need to see price break through 78.20 with conviction. We will then look for a retrace and for the 78.20 zone to flip as resistance. Enter on strong bearish candles/variations.