This reversal has taken a few people by surprise (including me) we can now see there is a strong potential for a reversal to the upside after almost a year. price has tested the 61.8 fib level and bounced back up. A great entry would have been around the 107300 level where the MA also crossed over which i missed. I am awaiting for a few further confluences for a...
As my previous post suggested that we could be in for a potential short trade on this pair. Here we can now see the CTL has been cleanly broken along with the MA cross over. Potential downside target of 1.3780. only use this information in line with your own market knowledge.
After our top down analysis of this pair has been completed and we have understood there is a strong bearish momentum in this pair we can scale down time frames to look for a more refined entry point. As we can see the 61.8 Fib level was breached and the price returned back to the downside. A clean break of the CTL along with MA cross over could signify that it...
There is a strong overall bearish momentum, we are currently approaching a key level of monthly support at roughly 103.783. If this level is broken the the first potential target could be the mid range level (500 pips ish). If this goes onto be broken then there is further strong level of support at 0.87466.
