Bearish Phase on the horizon
Updated
After breaking out above Weekly Horizontal Range Resistance (white line), Price has broken back into the preceding consolidation range.
Price has also closed below 61.8% Fib of the swing higher with momentum.
I EXPECT Price to bounce here, or at the bullish trendline.
THEN Price should find that Resistance at 0.906 (white line) should hold, offering a chance to go short.
NB: Price is still above 200EMA, so longer term trend is bullish
Possible Target #1: 0.900 (lower boundary of consolidation)
Possible Target #2: 0.895 (Confluence of 127% Fib extension AND minor support
Price has also closed below 61.8% Fib of the swing higher with momentum.
I EXPECT Price to bounce here, or at the bullish trendline.
THEN Price should find that Resistance at 0.906 (white line) should hold, offering a chance to go short.
NB: Price is still above 200EMA, so longer term trend is bullish
Possible Target #1: 0.900 (lower boundary of consolidation)
Possible Target #2: 0.895 (Confluence of 127% Fib extension AND minor support
Note
Hourly close below the weekly support line and the trend line confirms the bearishness.I am short from 0.90715
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