Just a guess, but I like a long off the 1.4980 level. Lost of accumulation as we come down. Would expect a nice pop from support.
Weekly chart has setup a clean HnS. Daily Looks nice for a breakdown once support is lost. If support holds and gains current daily resistance at 2.0930, I expect a push to about 2.1000. Losing support at 2.0880 targets 2.0780 and then 2.0675. Smaller time frames are trying to offset bearish momentum, but I suspect the momentum generated from high time frames will...
Focusing attention on the weekly leg from April 2015, I've drawn significant weekly S/R levels, labeled in grey. 4H levels are labeled in blue. In order to keep price localized, I highlighted the leg I am interested in retracing with a circle. The falling wedge tells me that momentum is shifting, setting up for a pop back to the 1.0785 area. Notice how I tied...
I talk to a lot of traders who have some weird ideas about what moving averages and fib levels represent. I asked some of the more popular 'top recognized' traders here, and found that most of them were clueless about the topic. I got responses about structure and price action, yet when I posed the simple question, "what do MAs and Fibs actually do?" The answer...
Just some ideas, for no particular reason or another.
Bigger frame is in distribution, but I like the long setup to a couple of targets above. Nice accumulation setting up in the smaller to go test levels above. Will update the result
Looks like price is trying to go higher. Posted a couple of moves I think might happen.