Currently, its retracing once again before it potentially continues its momentum downwards to my weekly at 1.19226.
It's currently hovering at the 38.2% level however I believe it will retrace to the 50% level next week (yellow zone). It also could potentially retrace to the 61.8% level which aligns with a descending I drew.
I invested a very small capital of £50 last night and have entered a BUY trade, the retracement zone being my take profit.
I will be looking for a swing entry at the retracement zone to catch its move which has a 400 pip potential.