GU setup

[stephane]

On the daily the pair broke up a resistance at 1,535 where the SMA200 and a fib line are also located,

That level is being retested now as a support. If it holds, the next resistance is around 1,55.

 

[stephane]

No real trend on GU daily. We see three strong bearish candles, but no new low was created, and yesterday's candle is a doji; This is very close to a morning star.

I need the low at 1,516 to be broken (and retested) to start thinking short. Should it go up, there is a former support now resistance around 1,535. That would also be a place to look for shorts.

 

[stephane]

And this is exactly what happened. The cable rejected the 1,516 support and went back to the 1,535 resistance. Let us see whether it may break it up or not.