By Claus Andersen
03. Juni 2019
60 min chart:
So this week we zoom out the the 60 min chart. Here the bigger pattern is playing out. We have a large bear channel. Price broke the channel line to the downside. That could be exhaustion. Price has bounced of support and moved back into the channel. Often after a break of the channel line a break of the trend line follows. I would say, that another test of selling strength is likely after a strong bear channel like this. I will look for the reversal pattern on the 60 min chart, and be aware on the 5 min and 15 min that the trend might be done for now. Again this is just probabilities, and anything can happen. And I like the volatility and hope it stays for a while.
15 min chart:
Price bounced today and made a two leg correction in a bull channel. It was a steep channel. Steep channels does not last long, This trend will likely transition before long. As I wrote on the chart, an attempt to test the lows are likely. Probably price will see some support at the 11.680 area. I will be looking to trade this pattern tomorrow.
New support and resistance levels is drawn in on the charts.
Have a nice trading week.