Consolidation on the Daily
1. You can notice that over the past few days our previous bearish channel resistance has now turned into a support with a couple rejections
2. Over the same time period price has not been able to break the 107.500 level but we are forming slightly lower highs which may indicate a bearish momentum; however not enough to be convincing
3. Since price seems to be ranging between the 106.800-107.500 level there is no clear evidence of direction
4. I will wait for a clear breakout and re-test of the 107.325 resistance level before confirming long trade OR a clear break of our new bearish channel support before confirming a short trade
5. If we go long then expect price to reach the 107.900 PL (1st PL)
6. If we go short then expect price to reach the 105.650 PL
2. Over the same time period price has not been able to break the 107.500 level but we are forming slightly lower highs which may indicate a bearish momentum; however not enough to be convincing
3. Since price seems to be ranging between the 106.800-107.500 level there is no clear evidence of direction
4. I will wait for a clear breakout and re-test of the 107.325 resistance level before confirming long trade OR a clear break of our new bearish channel support before confirming a short trade
5. If we go long then expect price to reach the 107.900 PL (1st PL)
6. If we go short then expect price to reach the 105.650 PL
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