Been observing closely lately the movement, a lot of us were thinking that we had hit a bottom to go long, but as we had seen 1.9890 was unbreakable.
Since that time, we have nothing but a continuation to the downside. Using Fibonacci, from the highs @ 2.06 and bottom @ 1.9560, the next approximate target would be around 1.9460.
I'd re-enter close to 1.9740 and ride it downwards another 200-300 pips.
4Hr Stochastics still hasn't hit bottom suggesting more downward trend.
Until signal change, I say short for now.
Happy Hunting.
Since that time, we have nothing but a continuation to the downside. Using Fibonacci, from the highs @ 2.06 and bottom @ 1.9560, the next approximate target would be around 1.9460.
I'd re-enter close to 1.9740 and ride it downwards another 200-300 pips.
4Hr Stochastics still hasn't hit bottom suggesting more downward trend.
Until signal change, I say short for now.
Happy Hunting.
Note
Right now we have a confirmed downtrend from that choppy consolidation, I wouldn't enter just yet unless you plan on holding over to next week, but for everyone else who are trying to get you last trades in, I would wait for a better entry point, I highly recommend using an oscillator, wait for overbought conditions and trade from there.
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Disclaimer
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.