Looking at the 4-hour chart, the price this week also fell below a neckline of a head and shoulder formation.
On the downside, the 38.2% retracement of the move up from the November 22 low would target $25,071. Ahead of that would be swing highs going back to February around the $25,270 level. Move below the 38.2% and the door opens for more selling momentum.
Moving back above the $27,000 level would probably disappoint sellers, and back above the broken neckline would also hurt the sellers looking for more follow-through selling off of the head and shoulders break.
This article was written by Greg Michalowski at www.forexlive.com.
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