0.7500 is the next target to the downside.
It acted as strong level of support/resistance in the past and align perfectly with the 78.6% Fibonacci retracement & with the weekly trend line.
Moreover, we had a strong bearish momentum this past week & no sign of reversing.
To enter this trade, we'll be looking for reversal patterns (double bottom, reverse head & shoulder, etc) around 0.7500 level.
A good sign would also be a break out of the counter trend line and a break of the previous Lower High.
I personally see this happen around 0.7575 lvl (previous weekly support).
A long term target could be 0.8340 (-27% fibonacci)
Have a good week & thank me later guys ;)
It acted as strong level of support/resistance in the past and align perfectly with the 78.6% Fibonacci retracement & with the weekly trend line.
Moreover, we had a strong bearish momentum this past week & no sign of reversing.
To enter this trade, we'll be looking for reversal patterns (double bottom, reverse head & shoulder, etc) around 0.7500 level.
A good sign would also be a break out of the counter trend line and a break of the previous Lower High.
I personally see this happen around 0.7575 lvl (previous weekly support).
A long term target could be 0.8340 (-27% fibonacci)
Have a good week & thank me later guys ;)
Comment:
Good profit now :D