The price rebounded on the 1.10370 Support. Since the pattern is a Channel Down (clear Lower Highs and Lower Lows) today's low is most likely the Lower Low of the structure.
Levels to watch:
- The 4H MA50 has been a Resistance since January 17.
- The RSI hit 29.85 which has been a Support since November 11.
- The 4h MA200 has been a pivot in recent months (Support on uptrend, Resistance on downtrend).
Projection:
- The price rebounds on the current Lower Low and Support until at least 1.10900. The 4H MA50 and MA200 form a Resistance Zone then, Lower High is formed and sellers take action again.
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Levels to watch:
- The 4H MA50 has been a Resistance since January 17.
- The RSI hit 29.85 which has been a Support since November 11.
- The 4h MA200 has been a pivot in recent months (Support on uptrend, Resistance on downtrend).
Projection:
- The price rebounds on the current Lower Low and Support until at least 1.10900. The 4H MA50 and MA200 form a Resistance Zone then, Lower High is formed and sellers take action again.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!