The daily chart has developed a FALSE BEAR FLAG pattern.
The flag channel is wide ranging between 11.28 and low 9.12s.
This type of pattern usually suggest a sharp upward move, and that is why BUYING is advised. the question is where we do we buy.
My previous buy level was 11.50-12.00, but think we should lower that now. I feel we buy or add 10.25-10.75 and after 9.50-9.75.
The profit levels will be placed 13.75-15.00.
It is no issue holding longs, but keep in mind that the stop-loss level is lower now and below 9.00.
As a note: keep your positions to a very low leverage and add tiny to it if we fall. The market is still uncertain and there are still some USD longs out there from long-term perspective.
For long-term I remain SELL 13.50-15.00 and profit 8.75-9.00.
The flag channel is wide ranging between 11.28 and low 9.12s.
This type of pattern usually suggest a sharp upward move, and that is why BUYING is advised. the question is where we do we buy.
My previous buy level was 11.50-12.00, but think we should lower that now. I feel we buy or add 10.25-10.75 and after 9.50-9.75.
The profit levels will be placed 13.75-15.00.
It is no issue holding longs, but keep in mind that the stop-loss level is lower now and below 9.00.
As a note: keep your positions to a very low leverage and add tiny to it if we fall. The market is still uncertain and there are still some USD longs out there from long-term perspective.
For long-term I remain SELL 13.50-15.00 and profit 8.75-9.00.