By Claus Andersen
18. June 2019
15 min chart:
The bear channel played out like a charm. A failed break lower from 12.050 bounced at 12.000. 12.000 was also a bear channel line. The bounce gave momentum to the following rally. Now context has changed from trading range to always in long. I will look to buy pullbacks in the coming days. The momentum of the bull rally is a spike on a higher timeframe. Spike is often followed by a channel. If that happens try to sport the trend line early and expect pullbacks when running longs.
Support and resistance is on the chart. Higher resistance is on the 12.450 area.
Have a nice trading week.