The last time we reported on this pair. Price had been trading at level 11514.7 since then it had been on a very strong bullish run. The pair soared up until level 12482.0. The Nasdaq falls dramatically approximately 10000 points. It currently trades at level 11461. Will price drop or continue bullish?
Looking at the chart we see that price has broken past the bullish trend line. In the chart price finds support at 11079.3 before closing as pinbar. This kind of price action signals that we’re still in a bullish trend. If Nasdaq falls we see price breaking the trend line and forming lower swings .Only then can we be assured that we’re in a short term bearish trend. We believe a strong pullback on higher time frames.
However possibilities lie that price could still continue moving bullish. Buyers have over come sellers and continue to push the market to record highs. If we’re to trade this pair bullish we should bear in mind that a strong higher time frame pullback could be imminent. Thus we cannot hold on to our position for too long. Scalping could be a way forward for buyers. For more information on entries and exits join our smart signals plans .
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