If we Looked on the daily, you'll see that the level of 0.70491 has been respected as a daily support for some time so naturally when price first visited here we expected the pair to reject and drop but we saw the pair continue on it's run up. Now we can see from the smaller timeframes (1hr) that we did have a small which I've boxed out the 3 touches that we look for where price bounced up and made a further run.
What happened on the fourth? We broke and then you can see a small push to retest and the pair dropped. Now looking at the charts we can see price did push back up slightly and this now allows us to add a fib into the chart to look for entry. As you can see, price has nicely rejected this 50% fib and pushed back below our daily level, this is now looking good to get involved in a sell and ride this pair down.
Let's see how we get on.
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