To be quite frank, I am sensing an extremely bearish week for this pear. A downward move looks nearly inevitable.
As you can see we have a slight bearish rising wedge. Higher highs are not being formed at a faster rate in comparison to the higher lows. Maybe by Tuesday it will be clear that the buyers are running out of steam as well as the uptrend.
As you can also see, price is approaching the upper trendline of the rising wedge as well as the weekly resistance point at 0.74720. The weekly resistance point and the upper trendline from the rising wedge seem to be fairly near each other so I think it would be wise for one to start looking for sell signals very soon, at least when that resistance point is reached. If that resistance breaks? Then definitely look for sell signals at the rising wedge upper trendline.
If there is a successful rejection of higher prices then one can expect a downward move towards 0.73093 (Near term support level)
Good luck all'
As you can see we have a slight bearish rising wedge. Higher highs are not being formed at a faster rate in comparison to the higher lows. Maybe by Tuesday it will be clear that the buyers are running out of steam as well as the uptrend.
As you can also see, price is approaching the upper trendline of the rising wedge as well as the weekly resistance point at 0.74720. The weekly resistance point and the upper trendline from the rising wedge seem to be fairly near each other so I think it would be wise for one to start looking for sell signals very soon, at least when that resistance point is reached. If that resistance breaks? Then definitely look for sell signals at the rising wedge upper trendline.
If there is a successful rejection of higher prices then one can expect a downward move towards 0.73093 (Near term support level)
Good luck all'
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