Awaiting to see what happens here:
- We could either have a break of the current market structure to the upside roughly around the -1.272 fib retracement of the previous leg to the downside (maybe slightly less due to market structure).
- A break below the CTL and a continuation of the bearish momentum to the downside. We should be looking for a fib extension...
Obvious reasons why I'm short here... Fibonacci confluences, market structure, fundamentals for both countries at the moment, descending channel.
Just waiting for that retracement to get involved.
CHART ID: 10003
Based off previous structure (support & resistance), a descending channel, Fibonacci confluences, fundamental analysis and psychological analysis (interpreting what other market participants will do).