By Claus Andersen
20. August 2019
15 min chart:
The trendline on the wide bear channel is broken. Price failed to reach the channelline. That often leads to a break of the trendline, as it did in this case. Bulls managed to make a steep bull channel that in my opinion changes the always in from down to at least sideways, potentially long. Often after a reversal pattern like this we get another test of bear strength. I expect a test of the 11.560 area. That is also the low of the trading range that price broke out of to the downside. Often when price fails out one side of a trading range it will attempt to break out the other side. Let’s see if it traps some bears first to get momentum to the upside.
Support and resistance level are adjusted on this chart.
Have a nice trading week.