Identify:
Predict:
Let's see what the market gives us.
- Price Action continued to make new structure lows (especially with the news event last week)
- Price Action rose back up to break previous structure low at 1.10
- Price Action reached minor structure at 1.1072 and then continued down to 1.10 (Previous Structure).
- The drop to 1.10 is in agreement with a 0.5 Fib Retracement.
- A 1.272 Fib Extension is at 1.112 in agreement with a 0.382 retracement for the larger move (1.14954 to 1.09), a 0.5 retracement based off of the 1.13839 to 1.09 move, and a 1.13 Fib extension based off of 1.10933 to 1.09 move.
- Fib cluster resides at previous structure (orange zone)
Predict:
- Price Action reversal somewhere within the reversal zone
- retest of Previous high and possible continuation to the Fib Cluster
Let's see what the market gives us.