Top Down approach:
Identified the weekly key levels @ 1.32289 resistance and @1.27508 support
Identified the daily key level @ 1.29326
Idenfitied current trend structure, today's 1D&4H shows rejection of the weekly support as planned
Since price has broke out the downward channel and starting showing bullish strength
Were heading toward a 38 fib retracement from most recent high
Looking for price action @ level 1.29320 to give indication if price is strong or is retracing to 38 fib level
If price breaks into 38 level and reject the downside, we couild see a long opportunity to 50 fib level and above
No trade indicated at the minute, one to watch
Identified the weekly key levels @ 1.32289 resistance and @1.27508 support
Identified the daily key level @ 1.29326
Idenfitied current trend structure, today's 1D&4H shows rejection of the weekly support as planned
Since price has broke out the downward channel and starting showing bullish strength
Were heading toward a 38 fib retracement from most recent high
Looking for price action @ level 1.29320 to give indication if price is strong or is retracing to 38 fib level
If price breaks into 38 level and reject the downside, we couild see a long opportunity to 50 fib level and above
No trade indicated at the minute, one to watch
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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.