Price at a very interesting level. This can obviously go one of two ways. I am predicting a bounce back to the upside as there is a strong reversal zone drawn up from the fib. To enter for a short term Long trade, look for a momentum candle, if price heads North then bring stop loss to break even quite early as my long term bias for this pair is short. Will be looking to ride the wave up which could be very short lived or could possibly be a big trade before an even bigger trade to the downside.
If price continues through the current level & heads towards the down side, then I will be waiting for a pullback/correction & then will trade the breakout of what will hopefully look like a bearish flag pattern.
Indicators currently supporting the move up, we shall see... Not the greatest setup so be careful or stay out. Good luck :)
If price continues through the current level & heads towards the down side, then I will be waiting for a pullback/correction & then will trade the breakout of what will hopefully look like a bearish flag pattern.
Indicators currently supporting the move up, we shall see... Not the greatest setup so be careful or stay out. Good luck :)