NEO/USD Looks Downwards


Trading Ideas


NEO/USD Looks Downwards

The currency pair has lost more than eight percent in the past 24 hours. NEO develops its downside tendency after a small correction. We think that NEO/USD is likely to establish new lows in the nearest future.

Let’s have a closer look at the situation on the H4 chart. The currency pair crossed a couple of levels on Tuesday and established new lows on Wednesday. It seems like NEO/USD is ready to consolidate again or even to start an upside correction. However, we think that the currency pair have the following possible ways in the nearest future:
1. Red scenario ( bearish ). The currency pair will break through the current support area at $38.99 and move lower, targeting the next support area .
2. Orange scenario (neutral). NEO/USD will stay within the current range, limited by the resistance area at $41.51 and the support at $38.99.
3. Green scenario ( bullish ). NEO will break through the resistance area at $41.51 and run higher, targeting the next resistance area at $42.80.

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