Price Action Context
After getting rejected from the multi-year resistance we mentioned on the 5th of May, price impulsively broke below the MT support around 1.01, followed by a corrective move back into the broken support, now acting as resistance.
Since the pullback was corrective following the bearish impulsive move, we expected another bearish impulsive move to follow, something we mentioned to our course members ahead of time. And as anticipated, the corrective pullback was followed by a ST bearish impulsive move, clearing a ST support in the process.
MT & ST bias is bearish, and traders can look for potential bearish continuation plays on weak pullbacks into the ST or MT resistance.
Key Support & Resistance Zones
R: 1.0050 – 1.0065
S: 0.9895 – 0.9930
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