On the lower time frame we have had a break of the neckline of a H&S pattern on Friday. Looking from the daily chart we have an area which possibly will provide a support area. We also have a round number 0.90000. This is proberly what helped to create the reistance area. Overall the trend is now upward on daily chart.
Trading is all about stacking up the possibilities and with this in mind I am thinking that this area may hold up. It could go and retest the neckline break and even continue upwards. On the other hand Friday did produce a large bearish candle signalling a lot of selling pressure.
Trading is all about stacking up the possibilities and with this in mind I am thinking that this area may hold up. It could go and retest the neckline break and even continue upwards. On the other hand Friday did produce a large bearish candle signalling a lot of selling pressure.