Huge bull run on the the weekly all the way up to 1.74800 - found support between 1.67820 and 1.68500 before ultimately moving past the high of 1.74800 all the way up to 1.79286 before crashing down - breaking the long time support levels between 1.67820 and 1.68500 where we found support at 1.63350 before heading back up to reject the 236 fib level drawn from the monthly chart. Now we are right back in the support zone from 1.67820 and 1.68500 which also now lines with the 382 fib level. Looking at what’s happening right now bears are in control and a break of this support should push us down towards the 50 fib level which is just below the support at 1.63350. Look for a pullback on the daily chart to the minor support level at 1.68635 for selling opportunities down to the major daily support level with extended take profits at a retest of the monthly support at 1.63350.
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It’s also possible to see price range here before falling further. 150 pip range so there will still be selling opportunities - but due to 1.66900 being a monthly level I don’t expect we will break past it without a fight. The light blue zones are drawn based off of the 4 hour chart. Top zone lines up with the daily support that we’ve recently broke down and the bottoms zone is where the monthly level is.
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In a perfect world...
Comment:
Zone rejected - I hope you took sells. Now we just have to manage the trade. Ranging between 30 minute support and resistance now. A break of support would signal more room to the downside with possible entries (if you missed the initial drop or want to add to your position) on a retest of broken support or (a bit riskier) you can just sell resistance. This is assuming you are still holding sells.