Chart analysis.
Recent price action may dictate further downside for this pair, in first instance im looking to one more wave down, as i'm inclined to a ABC pattern. Price seems to hold at 0.5 fib, of the 5 wave previous impulse down. Heikin Ashi showed reversal signs. We can fit this in a parallel channel to give context, but it doesnt mean much more than that.
Trading plan.
I'll wait for one more daily close, depending in how this bar close, i will short only if the SL remains less than 80pips.
Targets are the previous swing low as first target, and the 27 fib extension of wave "A?" as second target, that also gets near the lower line of the parallel channel.
Recent price action may dictate further downside for this pair, in first instance im looking to one more wave down, as i'm inclined to a ABC pattern. Price seems to hold at 0.5 fib, of the 5 wave previous impulse down. Heikin Ashi showed reversal signs. We can fit this in a parallel channel to give context, but it doesnt mean much more than that.
Trading plan.
I'll wait for one more daily close, depending in how this bar close, i will short only if the SL remains less than 80pips.
Targets are the previous swing low as first target, and the 27 fib extension of wave "A?" as second target, that also gets near the lower line of the parallel channel.
Trade active
Comment:
Position at break even.