I think there are two situations:
Situation 1: little pullback to the old support zone that now functions as a resistance zone, then downwards tot the blue zone. When it breaks the blue zone the bearish momentum has a high possibility to continue. Then I will look for a sell postion, the target is hard to determine because the pair never went so low.
Situation 2: the pair wil break the old zone and will break the bearish momentum. Then I will look for a buy position with the first old zone as target.
It has hard to predict the markets because of the uncertainty by the coronavirus so be careful.
(the setups are just examples)!!
Let me know what you think and why.
Have a good day
Situation 1: little pullback to the old support zone that now functions as a resistance zone, then downwards tot the blue zone. When it breaks the blue zone the bearish momentum has a high possibility to continue. Then I will look for a sell postion, the target is hard to determine because the pair never went so low.
Situation 2: the pair wil break the old zone and will break the bearish momentum. Then I will look for a buy position with the first old zone as target.
It has hard to predict the markets because of the uncertainty by the coronavirus so be careful.
(the setups are just examples)!!
Let me know what you think and why.
Have a good day