Can Price Flip Resistance Hold?
Price recently made a solid breakout lower and through the important daily chart support level on this pair.
This old breakout support level is now in for a real test.
Price has already tried to break through it higher in the last session and now price is once again making a fresh attempt at breaching back higher.
If this level can hold and the recent intraday lows can be taken out it could activate short trades.
At this stage short trades would be favored because going back long would be trading directly back into a heap of traffic and trouble areas.
This old breakout support level is now in for a real test.
Price has already tried to break through it higher in the last session and now price is once again making a fresh attempt at breaching back higher.
If this level can hold and the recent intraday lows can be taken out it could activate short trades.
At this stage short trades would be favored because going back long would be trading directly back into a heap of traffic and trouble areas.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.