This 4-hour chart shows that the 200EMA is acting as resistance. 1) Primary resistance is 200EMA 2) Secondary resistance is .618 FIB 3) Support is structure at .94 4) While we are down, the channel is broken 5) Consolidation trading plans should be considered by traders 6) HODL for the Noobs 7) Major resistance on the way up at .5 and .382 is expected.
Simple is best!
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The key value to watch is 1.155 with a candle close above that level. If it goes to that level then set stop loss at 1.13. A 1.155 will be above the 50EMA and send signal to run. Run should extend to 1.27-1.30
Hello, after 1.5 days moving between EMA 200 1.16 and support at 1.08 and falling volume, technically you consider that it is a positive aspect of consolidation or is it a sign of weakness that can return it to lower levels?
HI there! It is highly probable that this can go lower for the reasons you cited. I think the zone right now is .94-1.15. I have a hunch that the bulls will capitulate tonight. Since it is the big Asian holiday, most are enjoying time off, the Olympics, and will return full force next week.
gusccbb
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@ramonbenavides12, Thanks for your answer. Going back to cash is not a bad option this weekend, right?