Small Retracement & Uptrend Continuation

The pair hit the 61,8% Fib Level from November's '16 high. I expect a small retracement (fib rejection and RSI divergence) back to 0.7516 - 7 level where there is a confluence of 38.2& Fib level of recent rally and pivot point from December's high. Moreover FXCM's negative Speculative Sentiment Index indicates further advance. Once this level is reached i will wait for a bullish candle pattern to confirm upside conviction in order to enter long with SL around 0.7500.

Kommentera:

Trade setup has been invalidated. Still waiting for a pullback to enter long.