With the Daily close quite bullish and MACD crossing over. On this 4HR we may have another long opportunity back to 1.50500 - 1.50700 where our trend line is drawn.
If you were to draw the fib tool from the bottom of the bullish candle up to the high of the next printed candle (The bearish candle) Price had a 0.50% fib retracement to our resistance turned support level which is also our 50MA.
Now, if you were to also go down to the 1HR chart, price is currently sitting above the 200MA. Looking at the indicators and oscillators, I believe price still has room for another push up towards our target. Should price reach our target, it may also make for a nice short opportunity. We'll keep an eye out for this as it is still too early to tell.
A stop below the current resistance turned support level is reasonable and a target of the previous price high is ideal.
If you were to draw the fib tool from the bottom of the bullish candle up to the high of the next printed candle (The bearish candle) Price had a 0.50% fib retracement to our resistance turned support level which is also our 50MA.
Now, if you were to also go down to the 1HR chart, price is currently sitting above the 200MA. Looking at the indicators and oscillators, I believe price still has room for another push up towards our target. Should price reach our target, it may also make for a nice short opportunity. We'll keep an eye out for this as it is still too early to tell.
A stop below the current resistance turned support level is reasonable and a target of the previous price high is ideal.