Using a Fibonacci retracement starting from the most downtrend (117.35) to current lows and adding a second retracement from the "Brexit" sell off candle (111.30) to current lows we can see key points of interest.
-Price did a good job of respecting 38%fib level @ 107.65
-The 38% level lines up with the 61% level making a perfect confluence zone
We have a nice symmetrical wedge setup so a BUY or SELL opportunity is in the works.
Ideally I would like to see price breakout higher - retest 38%/61% confluence zone and sell off back to recent lows
-Price did a good job of respecting 38%fib level @ 107.65
-The 38% level lines up with the 61% level making a perfect confluence zone
We have a nice symmetrical wedge setup so a BUY or SELL opportunity is in the works.
Ideally I would like to see price breakout higher - retest 38%/61% confluence zone and sell off back to recent lows