Twitter price is consolidating at major resistence (30-31 zone, bottom of last year).
Failure to break 30-31 in coming day, will result to renew price fall. Maily for technical reason and risk adv.
If price fall again, 20 area will be tested again.
In current market condition, if price break resistence, upside will be limited; 35 zone will be strong...
Stop loss just below 0,74
Take profit at 0,734
This year price failed many times to break to upside 0,74 area.
Risk off scenario will support GBP, meanwhile EUR is finding exhaustion in many pairs.
Failing to reach higher high after Usa data, will be a good opportunity to short EUR/GBP.
RSI trending lower made a divergence in price.
TECHNICAL
Price action from May formed a head and shoulder pattern.
Fibo retracement is draw from 0.775 (important multy-years level) to 0.705-0.70 zone (yearly low)
-Shoulders kissed 0.5 of Fibo level
-Head 0.618 Fibo level
FOUNDAMENTAL
Greek catalyst event (if happens) will be decisive in breaking this level to downside and generate follow- through
TRADING ...
Pending short order at 0.7688; Target at 0.76; Stop loss at 0.7739.
Last week price moved from 0.76 to 0.5 Fibo retracement of monthly high.
Price found resistence at that level.
Better then extimated US data are building pressure on the downside.
Short entry at 0.7688 gives as an accettable risk reward.
Recent short term uptrend ended with channel break.
Price hit 0.5 Fibo retracement very fast.
If price fails to return above 0.69, downside will be very probable.
Bearish view is in line with long term trend.
Pending short order at 0.6894.
SL above yesterday high.
Target 0.6818
