I believe that the pair is showing signs of reversal in the daily/weekly timeframes.
I think that the price will pull back to the 61.8% retracement line and then push on upwards to our targets set by the fib.
I have drawn on a trend line that I believe the market will stick to and not break below . if a candlestick closes below the trend line then I think we will start to see the market drop to the 1.32 line of support.
To enter this trade I would like to see a strong sign of support from either the 61.8%, the trend line, or both.
If there's also a strong candlestick formation in confluence to support our idea then the trade would look positive.
I think that the price will pull back to the 61.8% retracement line and then push on upwards to our targets set by the fib.
I have drawn on a trend line that I believe the market will stick to and not break below . if a candlestick closes below the trend line then I think we will start to see the market drop to the 1.32 line of support.
To enter this trade I would like to see a strong sign of support from either the 61.8%, the trend line, or both.
If there's also a strong candlestick formation in confluence to support our idea then the trade would look positive.