Hello Traders,
After the break of the trendline to the downside, our sentiment was bearish. However, price is now testing an important support level at 110.300. Looking at the RSI, we have an oversold condition and price is likely to correct itself before resuming its downtrend.
The correction is indicated by the arrow on the chart and price is likely to hit the 110.550 level. Short-term we are bullish but long-term we might want to enter short at the retest of the trendline.
After the break of the trendline to the downside, our sentiment was bearish. However, price is now testing an important support level at 110.300. Looking at the RSI, we have an oversold condition and price is likely to correct itself before resuming its downtrend.
The correction is indicated by the arrow on the chart and price is likely to hit the 110.550 level. Short-term we are bullish but long-term we might want to enter short at the retest of the trendline.
