We work out two elliott wave scenarios that could possibly be unfolding in the hourlies. We do Fib math on the go and "think out loud" about what the price action is telling us.
@moussasall, depends on how price action unfolds. The opportunity is to be a bull above the highs 1.1800, however the drawdown exposure risk is considerable. My swing trader inclination would be to watch for failures at 1.1800 and look to scalp a Buy trade above that level with tight stops. Price could easily surge into 1.21-22's quickly before major Trend Bearish down trend re-continues.
tp and sl