Due to the lack of liquidity and movement at this time of the year, the market is moving slow and acting choppy. Taking a look at the previous number of candle closures, me may observe that the price does not have enough juice to break through the borders of the LTF sideways-moving range. Therefore, we are expecting for a re-touch of the recently-formed reversal pattern and a formation of a Double Top before a full-scale drop. The 0.87 area of previous resistance now turned into support that nicely aligns with the 50% Fibonacci retracement level smells like the initial target zone for the price to visit before continuing its bullish movements in the pre-determined direction.
Long story short, we are awaiting a re-touch of the 0.8833 level and a formation of a valid Double Top pattern before the price commences descending. We will keep monitoring the price development and act accordingly.
Long story short, we are awaiting a re-touch of the 0.8833 level and a formation of a valid Double Top pattern before the price commences descending. We will keep monitoring the price development and act accordingly.
