23.10.2020 02:23 AM
This week, the pair tested two important resistance zones. First, the weekly CZ 1.1867-1.1844 was reached, and then the zone of the average weekly movement. The range test caused a sharp reaction and the closing of yesterday's trading led to the formation of the daily level's engulfing pattern. This means that the end of the current week is more likely to occur below yesterday's low. If the downward movement resumes, selling prices will be located above the 1.1840 mark. The medium-term target for the decline is the September low.
Our mission is to enter a short position and fix it partially after coming back to last week's low, since its test assumes the appearance of demand. The level will be a strong support for the pair's fall. This will allow us to enter sales again in the next week after the formation of the corrective pattern. Due to the formed reversal pattern of the older period, it is not profitable to consider purchases, which is why your attention should be on earning opportunities within the bearish momentum.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
