Meanwhile, on M30...
To keep things as simple as it gets and assuming that market opens without any gaps:
To keep things as simple as it gets and assuming that market opens without any gaps:
- First, I see that the rising wedge and ellipse are intact, so bulls have the upper hand in the longer run.
- Currently, bears are busy pushing price down inside a small channel. As long as that channel is not broken, we should stay short or risk going long only at those times when price hits the lower edge of the channel to keep risk at minimum. Some buyers will probably wait until price touches the bottom edge of the wedge, and that is fair enough as well.
- I have 1.0687 area as my nearest resistance for Monday Asian session and 1.0608 area as main support.
- Overall, the picture is still bullish, but of course my H4 chart is slowly signaling that this bullish correction started pushing it limits. So, careful with longs the closer we get to 1.0690.
That's it for now... Keep enjoying your weekends folks
Focus only on what truly matters!
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