Price has recently danced around the 1.241 level and appears to be moving in a Gartley formation. The potential reversal zone is calculated to slightly below this level but this is still indicating that price will bounce when the level is next retested. It may be wise to drop to the 1hr chart to seek a more accurate entry using candlesticks from a lower timeframe.
Gartley Ratios:
AB: 0.618
BC: 0.382-0.886
CD: 1.272-1.618
XD: 0.786
Gartley Ratios:
AB: 0.618
BC: 0.382-0.886
CD: 1.272-1.618
XD: 0.786
