BIAS: See more two-way trading developing but expect a deeper correction higher now
Resistance: 0.9030-40 0.9055 0.9075 0.9087-93
Support: 0.8996 0.8970-82 0.8960 0.8923-41
MAIN ANALYSIS: The direct break below 0.9065 surprised but could mean that the rest of the decline will be choppy. At this point I see support around the 0.8995-00 area that should allow a correction back to the 0.9025-30 retracement but later extend up to 0.9075-0.9093 at least and then begin to take note of potential bearish reversal indications. At most the 0.9120-35 area (approx) should cap.
COUNTER ANALYSIS: Only directly break below 0.8970-80 would extend losses to 0.8923-41 at least. Take care here also. Below extends losses…
MEDIUM TERM ANALYSIS:
September 15th: The more direct losses should see a temporary correction from around 0.8995 and back to 0.9030-40 and 0.9075. From there take care but allow for 0.9125-35. From this area we should see losses back to 0.8995 and later the 0.8850-00 area seems to be implied but will need to be confirmed once it develops.
Only back above 0.9150 would confuse and risk a move back above the 0.9217 corrective high.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.