This is another trade idea that is a bit of a stretch because nobody can predict the future...
Trade Idea:
Price was rejected at resistance (upper red box) and has now started working its way to support. This is the part that gets tricky. It will retest resistance (roughly 116.550) and either get rejected and continue down or it will break through it and test the next resistance (roughly 117.000) and then continue down. I did notice that 3 times in the past, when price gets to this level price it is drawn to the red line (118.650) area. So the green line is what I think will happen IF price breaks both resistances/the previous high. I will have to monitor this pair closely and wait for confirmations before entering any positions.
Trade Idea:
Price was rejected at resistance (upper red box) and has now started working its way to support. This is the part that gets tricky. It will retest resistance (roughly 116.550) and either get rejected and continue down or it will break through it and test the next resistance (roughly 117.000) and then continue down. I did notice that 3 times in the past, when price gets to this level price it is drawn to the red line (118.650) area. So the green line is what I think will happen IF price breaks both resistances/the previous high. I will have to monitor this pair closely and wait for confirmations before entering any positions.