WEEKLY (W1)
Last week price action triggered a pullback towards the former downtrend line which hold and which
should now be seen as the new support level.
The 50% Fibonacci retracement @ 1.7930 % has been filled for a second time in a row; there is only a "little" interrogation
mark about RSI price action which is not showing a convergence but rather a "minor" bearish divergence which may trigger
further consolidation over the coming session (s).
In this weekly time frames, I would suggest to look at 2 important support levels which are the following :
S1 : 1.69 %
S2 : 1.55-1.50 %
On the upside, the door is open for the 61.8% Fib ret @ 2.1370 %
DAILY (D1)
Last Friday's price action showed a long white candle (bullish engulfing) which has been triggered by the support offered
by the Tenkan-Sen.
Therefore, the TS @ 1.71 % should be seen, on a daily basis closing, as the first significant support level, ahead of the ongoing uptrend
support line, currently @ 1.67% and which is also the junction with the former downtrend line resistance.
A daily closing below 1.65% should also be seen as the first warning signal of a reversal in this daily time frame.
Last but not least, a RSI bearish divergence took place in this time frame and price action over the upcoming daily session (s) will validate or invalidate this observation.
Ironman8848 & Jean-Pierre Burki
Last week price action triggered a pullback towards the former downtrend line which hold and which
should now be seen as the new support level.
The 50% Fibonacci retracement @ 1.7930 % has been filled for a second time in a row; there is only a "little" interrogation
mark about RSI price action which is not showing a convergence but rather a "minor" bearish divergence which may trigger
further consolidation over the coming session (s).
In this weekly time frames, I would suggest to look at 2 important support levels which are the following :
S1 : 1.69 %
S2 : 1.55-1.50 %
On the upside, the door is open for the 61.8% Fib ret @ 2.1370 %
DAILY (D1)
Last Friday's price action showed a long white candle (bullish engulfing) which has been triggered by the support offered
by the Tenkan-Sen.
Therefore, the TS @ 1.71 % should be seen, on a daily basis closing, as the first significant support level, ahead of the ongoing uptrend
support line, currently @ 1.67% and which is also the junction with the former downtrend line resistance.
A daily closing below 1.65% should also be seen as the first warning signal of a reversal in this daily time frame.
Last but not least, a RSI bearish divergence took place in this time frame and price action over the upcoming daily session (s) will validate or invalidate this observation.
Ironman8848 & Jean-Pierre Burki
