Price action movement this week, so far, from the latest pivot low 8.30/8.40 area, bounce climbs back to resistance around 8.80/8.70 and today from there immediately tumbles the technical distance, 35 cent, and retests the 8.50 step.
In my view, the overhead resistance is the more important thing to keep watching for. Support around 8.50/8.40/8.30 is important to hold for any upwave to develop, but in the bigger picture, the downwave pattern needs to end with confirmation, otherwise the logical view has to be, and the technical indicators will show the direction remains looking downward, even if it’s slowing down, or creeping down, toward the 8.25/8.00 targets, and/or holds again at the 8.30 step, we need to see clues that the bottom is finishing/finished, and the upwave is genuine.
The current chart picture is showing this 8.70/8.60/8.80 area is a resistance zone that held strong today. So my bias remains looking downward for now. The resistance zone triggered the assertive tumble back down today. The target zone around 8.00 is still in play. In my view.
Any genuine upwave won’t even get my attention until it reaches 9.15/9.30/9.40 area, and then holds support above the 8.70 area, which is currently resistance, and then needs to become support .
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