Huge upside momentum however we look for the break to the upside at the weekly mid level up to the fib 50 level (red line) and then we anticipate a massive fall to the downside with good risk reward.
we will be patient until there is confirmation of a failed attempt on the weekly mid or the reversal around the upward channel boundary / fib 50
We know that price has gained some support however when drawing the fib levels and looking at the chart holistically it seems to be simply in a pullback and we could see a further decline possibly to 1.22522 and then 1.21496.
We are looking to enter this trade after there has been confirmation price has been rejected at any one of these Fibonacci levels, ...
- Price has previously dipped and tested the daily support level before shooting to the upside
- Our positive trendline dictates a continuation, however we see a closed bearish candle breaking this
- this could have 2 indications (1. an oversell and we will see a correction putting us back into our zone 2. a break of this trend and a fall to our daily support ...