For educational purposes only.This analysis is not an investment advice.
Welcome to a congestion/flat price action behaviour.As the Long Term resistance is being tested within a down trending channel of a Monthly time frame ( see my earlier post if you like), effects of that are being felt here in the hourly with a bearish pivot point reversal, watching the support ( see Green box 1.2280 - 1.23) for a retest at present. Volume behaviour is also worth noting at the bearish pivot completion as well as at the last bar which is in sync with a price. Failure at the support zone may well suggest a retest of the next support level around 1.22.
Will we see a major top and a major trend reversal or an intermediate term corrective top ? Major top is what I am looking for if confirmed by the price.
Analysis continues....
Welcome to a congestion/flat price action behaviour.As the Long Term resistance is being tested within a down trending channel of a Monthly time frame ( see my earlier post if you like), effects of that are being felt here in the hourly with a bearish pivot point reversal, watching the support ( see Green box 1.2280 - 1.23) for a retest at present. Volume behaviour is also worth noting at the bearish pivot completion as well as at the last bar which is in sync with a price. Failure at the support zone may well suggest a retest of the next support level around 1.22.
Will we see a major top and a major trend reversal or an intermediate term corrective top ? Major top is what I am looking for if confirmed by the price.
Analysis continues....