The 1H chart shows a support around 1.175 and 1.173 which was hit on the 31st July and again post NFP data on the 4th August.
Using FIbonacci retracement, I predict resistance at the 61.8% which will break lower towards the 1.175 price as my first target and 1.1733 as my second target.
As we edge close to the 200 day moving average, which the price will likely break below, I will expect a strong breakout down, possibly hitting the 1.17 price over the next week.
Using FIbonacci retracement, I predict resistance at the 61.8% which will break lower towards the 1.175 price as my first target and 1.1733 as my second target.
As we edge close to the 200 day moving average, which the price will likely break below, I will expect a strong breakout down, possibly hitting the 1.17 price over the next week.
Comment:
Hit both first target and second target - pleased
Trade closed: target reached