With a previous entry being held at 1.74042 we have now started an hourly and 4 hourly down trend. Price broke previous support being held at 1.73800 but within the next candle, price respected support and closed back within the range. Since it being respected price has made a rally back up to 1.73600 area where it seems to be currently creating a head and shoulders on the hourly right on top of a daily channel and a weekly descending trend line with confluences of an hourly descending trend line, 0.786% bearish fib and current Resistance off the left shoulder and previous support turned resistance showing signs of a short. If we get a rejection candle on the hourly close then I will be looking to enter with the duplication of the length of the head and shoulders being completed which lines up with the -61.8% . If price reaches this level then I will re analyses to see if my swing trade if still valid.
Analysis of my swing trade will follow...
Analysis of my swing trade will follow...