The market is currently testing the decisive resistance level of 660-664, a wall-like area that requires a significant opportunity to break out orders. The 99-phase moving average (660.09) operating at this stage is protective. Strong support was found at 650-652, due to the convergence of shorter moving average indicators (MA7 and MA25): a break below this level will pave the way for a fall.
The upside is positive (1% in the case of trades at 89 million), but it is not enough to overcome the daily high (664.24). A command (55%) is highly likely: a limited entry:
The pair pointed to 664 in the coming hours, but the initial rejection is at 660.
If the second test contains more than $100 million, we will see a breakout in the direction of 670-678. My advice: Buy on a reflection of 652-655 (Stop at 649).
Average scenario (35%) - Auxiliary trip:
The market will still lag between 652 and 660 on another day. This is a strategy to harvest "whales."
Key: Reduce volume with falling candles. Here, trade with a dense strategy: sell at 658 and buy at 653.
Poor scenario (10%) - Sudden repair:
A distance below 650 will be an alarm. The decline accelerates around 645, and then around 637.5, if it comes with an increase in volume.
My warning: Don't sell if you don't see a candle close below 649 with an increase in volume. The final honest advice:
No more than 2% risk in this important area.
This is a technical market analysis, not a financial advice. #Micomerciocos
