Weekly chart:
In the big picture, we have a valid downtrend, which is already back in the correction once more. The correction zone is indicated by the red rectangle. As long as the closing price does not overcome this zone, then the market still has a chance of the picking up the downtrend again at any point in time.
Daily chart:
In this trend size we can also see a valid downtrend, which is already deep into the correction zone. The latter’s upper limit is located at 1.5558$. Today’s trading day could signify the end of the correction, meaning that the market may pick up its downtrend once more.
Hourly chart:
The current correction from the daily chart is appearing as an uptrend in the hourly chart. In order to receive an adequate trading signal here, a downtrend must be present in the hourly chart. Then we would be on the move in the direction of the primary trend once again, which would significantly increase the likelihood of a good trade.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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