Long term trend: Up
Medium term trend: Down
Significant Levels: 1180 (Horizontal Support), 1250 (Horizontal Support), Downtrend
The trend line is still valid. After the price had gone up, it recognized the trend line and is now moving down, which is in accordance with our downtrend bias right now. Today's price didn't move much yet. Remember that 1180 is a pretty solid support. That means that, even if we are bearish here, we need to be cautious on that level. Though, if the price breaks the 1180 price level, it would be a massive move. But for now, we are bearish down to 1180.
Trade well.
Medium term trend: Down
Significant Levels: 1180 (Horizontal Support), 1250 (Horizontal Support), Downtrend
The trend line is still valid. After the price had gone up, it recognized the trend line and is now moving down, which is in accordance with our downtrend bias right now. Today's price didn't move much yet. Remember that 1180 is a pretty solid support. That means that, even if we are bearish here, we need to be cautious on that level. Though, if the price breaks the 1180 price level, it would be a massive move. But for now, we are bearish down to 1180.
Trade well.