We have price ranging in a downward channel
and price being rejected at the downward trend line
. We have a possible Bullish Harmonic pattern
forming so we can look to trade leg C to D. We have a rising wedge
reversal pattern with 3 trendl line bounced in confluence with the bearish candlesticks
confirming our downside direction. We have oversold both on the stochastic
which provides us with further confluence. The 50 and 200 EMA
is acting as magnetic support in the target 1 area.
Once each target is met we must manage our trades and distinguish if our next targets are still valid.
Stops should be places around 92.750. A break and close above this level would mean this trade is no longer valid.