Price is retesting a previous zone of congestion and support.
With a test of the 50EMA, this is the last opportunity for the bears to remain in control.
I will be watching intraday for a reversal in the highlighted area.
This is not the strongest setup, but in the markets, anything is possible!
A pin bar at the 50% Fib level gave price a little relief, but price action suggests this rally is over, with no bullish follow through in the days that followed.
I will look to get short on a break below the pin bar wick, and perhaps a little higher if price action presents an opportunity.
Targets would be next support/prev resistance at $49, where there is ...
Price has carved a range between the 38.2 and 61.8 fib levels
Following NFP, price has tested the top of the range for the first time
I am expecting resistance to hold and will look to enter a short position
!st target at 1.062
2nd target 1.053