Very strong channel formed on the daily. at least 4 bounces off of both the upper side and the lower.
On 4h price is showing a possible reversal off of the 0.618 fib and 50MA indicating a possible run towards the upper channel line again. Price is also interacting with a daily level and also on the 1H timeframe interacting with the 200MA.
Scenario 1:
Price reverses and has another run to the upside.
Scenario 2:
Price pushed downwards towards the lower channel area.
On 4h price is showing a possible reversal off of the 0.618 fib and 50MA indicating a possible run towards the upper channel line again. Price is also interacting with a daily level and also on the 1H timeframe interacting with the 200MA.
Scenario 1:
Price reverses and has another run to the upside.
Scenario 2:
Price pushed downwards towards the lower channel area.
Trade closed: stop reached:
Unfortunately I didn't take into account the spread of the pair at the time so this stopped me out.