Last time I wrote about DAX.
There was a supply zone and an indication of a reduced buying enthusiasm.
I was expecting to see a drop and this is pretty much what we have experienced.
Since I last wrote about it, DAX has dropped around 500 points.
Here is when I wrote about it👇🏽
And here is where it is now👇🏽
Can it go lower?
Well, it looks like there is still bearish momentum and buyers have not been very eager to push the price higher.
In a nutshell, there is probably room for more downside.
The next major level is around 700 points lower.
GBPUSD Trading Analysis 24 August, 2022
Today, I am looking at GBPUSD.
I will be looking for the price to possibly try to go lower and then will look for a confirmation candlestick pattern on the 4H chart.
This could be a pinbar or another bullish engulfing pattern.
Another possible scenario is that if price cannot really hold onto this level and pushes lower, we might experience a bearish breakout.
This could be a major breakout or just another final re-test of the lower boundary of the supply zone.
Like that 👉🏽
Either way, we will need to be cautious of what story the buyers and the sellers are telling us.
For now, it is a bullish one, but this might change quickly.
So, best thing to do now is to be patient and to wait and see which one of these scenarios will unfold.
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