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Price is currently @ weekly support 1.29000 and may possibly be forming a double bottom on both the 4H and D1 timeframe. I am expecting either a a 38.20%, 50%, 61.8%, or a 78.6% retracement to coincide with an advanced pattern. Price is @ a good level to buy as in a clear trend channel. Before entering look for further confirmation from candle readings on lower TF.
expecting price to use the 38.2% level (on fib retracment) and use the zone @ 0.78743 as support whilst keeping within the trendline. Also there is a bearish engulfing candle so prices are expected to fall before they rise. be sure to set your stoploss @ 0.78566 & take profit @ 0.79193 which is just below the 50% retracment level. awaiting nest candle which is @ ...
i feel that the trend will retrace @ the 38.20 level or just under, go long - take profits and then go short :-)