----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> R:R Min 1
Weekly - price action determining a bias supported by the touch and close below/at weekly resistance. It has broken all fib key levels. We should see a retracement before long positions are in play. Let us see how this could play out on the lower timeframe.
Daily - price action looks to support the weekly bias with a series of candles suggesting a good bull run has occurred. We are again touching the weekly resistance with HHs created. Again short positions could be in play around this area - there have been multiple touches of this zone in previous weeks.
4hr - price action recently broke a previous support resistance now turned support and a HL as been created. We could see price cause a fake-out to the upside before we start to see shorts in play to the downside.
1hr - this supports the 4hr bias and we could see price break out to the 4hr resistance at 112.1-112.2 zone. the 4hr fib extension level 61.8 sits within this zone.
Targets set with a downtrend bias, selling to the 4hr supports at 111.2 or further to 110.8 zones with entries around 112.2/112.0 zones.