There should be an opportunity here for a buy or sell depending on what happens with the price action.
If price closes above the dark blue resistance line, I would expect price to go up to at least around the .74700 area. To take the safest trade, wait for a re-test of the resistance line (which would be support at a retest). If price ever closes below the lower of the 2 parallel trend lines then it would be time to look for a short. To take the safest trade, wait for a retest of the trend line.
If price closes below the lower of the 2 parallel upward trendlines, I would expect price to continue down to the lower trendline. Be careful with taking a short after price closes above the blue resistance line as price could reverse around the .74000 area.
As always on my charts:
Red Lines - Monthly Support & Resistance
Orange Lines - Weekly Support & Resistance
Yellow Lines - Daily Support & Resistance
Dark Blue Lines - Support & Resistance Area I'm currently looking at (in this case 1 hr -0.44% .)
If price closes above the dark blue resistance line, I would expect price to go up to at least around the .74700 area. To take the safest trade, wait for a re-test of the resistance line (which would be support at a retest). If price ever closes below the lower of the 2 parallel trend lines then it would be time to look for a short. To take the safest trade, wait for a retest of the trend line.
If price closes below the lower of the 2 parallel upward trendlines, I would expect price to continue down to the lower trendline. Be careful with taking a short after price closes above the blue resistance line as price could reverse around the .74000 area.
As always on my charts:
Red Lines - Monthly Support & Resistance
Orange Lines - Weekly Support & Resistance
Yellow Lines - Daily Support & Resistance
Dark Blue Lines - Support & Resistance Area I'm currently looking at (in this case 1 hr -0.44% .)
