Looking at the chart, we have seen within the blue box 4 touches of this level. This is filling the retail traders with confidence that a breakout below which is what's just occurred will continue that trend.
Nice long candle this morning clearing the liquidity on buys and now that people are putting on sells they will push the price back up to clear those stops...
Relatively good sized trade I've picked up on this afternoon. Theres a couple resistance levels to take note of, the first one will be a retest before the price drops.
This would not be an active trade until that resistance line is retested.
Potential profit levels marked. Simple trend analysis trade.
Notes on the chart to help explain my thoughts on this, I can see it breaking the 1.1 mark and pushing up.
Again not an active trade until the rules are met. Possibility of the 1.1 proving too strong forcing the price back towards the existing support.
Looks like a head and shoulders could form here. My entry zone is between the aqua and orange baseline. Should look to see a 400pip drop if it plays out.
Trade will not be active unless the prices closes in the entry zone.
The fib level further reinforces a resistance for the second shoulder to form.