Couple of things we see on this chart.
Global trend line ( orange )
Descending channel broken ( black )
Reversal pattern 1 failed ( inverted hammer). Reversal pattern 2 (bullish belt hold) and tweerzers bottom (on going). I confirmed this trade with the current bullish session.
Operation goes at it shows, we're waiting for the price to retrace a little bit for us to make an entrance.
Global trend line ( orange )
Descending channel broken ( black )
Reversal pattern 1 failed ( inverted hammer). Reversal pattern 2 (bullish belt hold) and tweerzers bottom (on going). I confirmed this trade with the current bullish session.
Operation goes at it shows, we're waiting for the price to retrace a little bit for us to make an entrance.
Trade active:
Entry: 1.09291 (slightly above fibb's 0.618
Stop: 1.08310
TP: 1.12171
Stop: 1.08310
TP: 1.12171
Comment:
In the graph above we can see the current trend retracement is approx at 0.5 fibb's level. We may expect even a further retrace depending on the bulls strength. Let's see what the market does next !