Looking at the weekly, we can see price forming a nice wedge reversal pattern, and I am anticipating a higher timeframe push to the upside, if we look at the 4hr price rejected the 1.12155 weekly lows, after a strong sell off, however I don't think this is enough for price to break to the upside, just yet.
Price is now showing signs of a reversal at the 78.6 fib, with MACD diverging.
I believe price will make one final push to the downside, before initiating the higher TF long.
wait for a break of this 4hr wedge like pattern, to take to the downside, targets at 1.12000
Daily price action confirmation, e.g Engulfing, or significant pin bar would be preferred, then scale into the 4hr/1hr for short entry on a pullback
Price is now showing signs of a reversal at the 78.6 fib, with MACD diverging.
I believe price will make one final push to the downside, before initiating the higher TF long.
wait for a break of this 4hr wedge like pattern, to take to the downside, targets at 1.12000
Daily price action confirmation, e.g Engulfing, or significant pin bar would be preferred, then scale into the 4hr/1hr for short entry on a pullback