Last week the USD - supported by mixed data - was consolidating after rejection from the descending trendchannel and still within an important zone near the 92 .
Two possible scenarios are in play :
A) The price closes below 92 and then DOWN to an important area marked by the arrow
1- Fib 0.618
2-91 psychological lvl
3-retest of the broken Weekly descending trendline
4-Daily ascending trendline
5- Bearish Divergence on StochRSI
From this point an UPWARD move would be expected
B) The price consolidates before finally BREAKING OUT of the Daily descending trendchannel and initiating the Weekly Double Bottom pattern and price may carry it to the 97 lvl
If price breaks 90.5 DOWNWARD the idea becomes invalidated
***Color coding***
Violet Monthly & Weekly
Red Daily
Blue Hourly
Grey LQ zone
***
Thanks for reading and safe trading everyone,,,
Two possible scenarios are in play :
A) The price closes below 92 and then DOWN to an important area marked by the arrow
1- Fib 0.618
2-91 psychological lvl
3-retest of the broken Weekly descending trendline
4-Daily ascending trendline
5- Bearish Divergence on StochRSI
From this point an UPWARD move would be expected
B) The price consolidates before finally BREAKING OUT of the Daily descending trendchannel and initiating the Weekly Double Bottom pattern and price may carry it to the 97 lvl
If price breaks 90.5 DOWNWARD the idea becomes invalidated
***Color coding***
Violet Monthly & Weekly
Red Daily
Blue Hourly
Grey LQ zone
***
Thanks for reading and safe trading everyone,,,