The pair hit the 61,8% Fib Level from November's '16 high. I expect a small retracement (fib rejection and RSI divergence) back to 0.7516 - 7 level where there is a confluence of 38.2& Fib level of recent rally and pivot point from December's high. Moreover FXCM's negative Speculative Sentiment Index indicates further advance. Once this level is reached i will wait for a bullish candle pattern to confirm upside conviction in order to enter long with SL around 0.7500.
Note
Trade setup has been invalidated. Still waiting for a pullback to enter long.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.