Strong bullish candle breakout. It hit the .618 twice so I believe it will go down and retest so you can sell and make a few quick pips. Then if it closes above the purple trend line it will be a successful retest and should go up to the 104 area.
Over the past week I have noticed a strong resistance in the 104.3-104.5 area. A support in the 102.8 area. Today 2 different breakouts happened with a very good retest. I also did Fibs retracement and it shows that it has been consolidating at the 0.50 but now it is starting to pull away. I do not have any other indication that this will be bearish please comment...
Drew my fibs and I noticed that it hit the 0.886 levels and bounced off. Also those levels are by the resistance line which is in red. This indicates a stronger reason on why it will be shorting.
Fibs shows that it bounced off the 0.236 4 times. With enough confirmation that it will be going down. Also there was a doji which is another sign of a reversal. The overall trend line shows a bearish trend continuation.
As the hours came down to end this week. There was a hammer that bounced off the 0 using Fibonacci. First indicator is the hammer which means change in direction with leading towards bullish. 2nd sign is my bottom trend line which shows that everything is trending bullish for now. 3rd sign is the hammer candle hit the 0 on the fibs which will shoot it up. I would...
Last nights breakout had 4 retests I made 40 pips.I was able to draw new trend lines. From what it looks to me if it breaks the bottom trend line then it could be going down to complete the double top. If it stays between the 2 trend lines it looks like a triangle breakout. So just wait for a retest and buy or sell.
Major rejection following NFP. I believe it will rise a bit between 103.4-103.5 if it breaks back down sell. But if it breaks past 103.5 it could take it into the 105's
