The price line is about to take the next bearish leg
The price line on this pair started an ascending phase on February 23rd, which could pump the price line more than 1% in almost 30 hours . The price line is now on a strong resistance level, indicated as a light yellow zone. Traders could expect a bearish wave starting from the current position of the price line
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 1h.
The yellow resistance zone on the chart is considered as an important zone, because the price line have several time entered bearish phase from this price. The re line below the price line i9ndicates the bullish trend line which has supported the ascending trend. The light zone inside the yellow resistance zone represents a nested zone, located inside a daily zone. RSI is almost showing over buying in the market and MACD has issued negative divergence signals. Traders can expect the price line to break below the red line and after a retest of the yellow zone, that most probably touches the nested zone, they can enter short positions heading to the support levels at 1.07236 and 1.06695 after that.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.