We discussed this market last week and the fact that price was looking to pullback into the major support level and 50% Fibonacci level.
Now price has pulled back into this level we can see a bullish engulfing bar and rejection candles have formed rejecting the support.
As yet there has been little follow through and for a move back into the recent swing high...
In yesterday’s trade ideas we discussed this market and the key resistance level we were looking for short trade signals.
Price moved into this resistance and formed solid bearish trade signals on both the 1 hour and 4 hour charts.
Price has now sold off lower with the recent swing low becoming the next major support.