- NTGUSD reversed from resistance level 2.690
- Further losses are likely
NTGUSD recently reversed down from the resistance level 2.690 (former multi-month support level from last year, acting as resistance after it was broken by the previous impulse wave (3)).
The downward reversal from this resistance level created the daily Japanese candlesticks reversal pattern Shooting Star – which marked the start of the active impulse wave (5).
NTGUSD is expected to fall further and re-test the next support level 2.510 (low of wave (3)) – the breakout of which can lead to further losses toward 2.400.