... with less than 20mins to the close of my Daily candle it is looking as though it will close bullish. Price has again challenged that prev 1hr/4hr sw hi zone to 3398 with dly R1 @ 3398 with 88.6% of 3482-2675 near the top of that and the 4376-3482 desc t/line there too. Price has been rebuffed by sellers @/around the current dly hi, 5 times today including the when the current dly hi was first printed- visible on 5min chart.
Above this pot res zone and we are in the bottom of that wide prev dly/wkly/mthly sw hi zone to 3482 then 3514. In this zone wkly R2 is @/around 3404, then that multi year mthly desc t/line (2.1162-7188) circa 3420, wkly R3 @/around 3495 and mthly R3 @/around 3498. Dly below.
A break of the multi year desc t/line at least still seems the greater probability if the daily candle closes bullishly - which seems likely, particularly if it doesn't have too much of an upper wick. Whether the bulls are strong enough to challenge and break the prev sw hi's @ 3482 then 3514 remains to be seen and we might know more on the close of the wkly and mthly candles if price hasn't already. Conversely, the rising Wedge on the dly is suggestive of a downside break of that wedge, and that is the only bearish sign I see on t/f's 1hr to mthly presently. This is not to say that this won't change as price discovery takes place overnight/tomorrow.
U.s Thanksgiving Bank Hol tomorrow. Any announcements re brexit deal progress will likely rock price one way or the other - to what extent we won't know till it happens.
Above this pot res zone and we are in the bottom of that wide prev dly/wkly/mthly sw hi zone to 3482 then 3514. In this zone wkly R2 is @/around 3404, then that multi year mthly desc t/line (2.1162-7188) circa 3420, wkly R3 @/around 3495 and mthly R3 @/around 3498. Dly below.
A break of the multi year desc t/line at least still seems the greater probability if the daily candle closes bullishly - which seems likely, particularly if it doesn't have too much of an upper wick. Whether the bulls are strong enough to challenge and break the prev sw hi's @ 3482 then 3514 remains to be seen and we might know more on the close of the wkly and mthly candles if price hasn't already. Conversely, the rising Wedge on the dly is suggestive of a downside break of that wedge, and that is the only bearish sign I see on t/f's 1hr to mthly presently. This is not to say that this won't change as price discovery takes place overnight/tomorrow.
U.s Thanksgiving Bank Hol tomorrow. Any announcements re brexit deal progress will likely rock price one way or the other - to what extent we won't know till it happens.
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Trader with an Edge.
