However, since price breakdown the market may have spawned another . Price appear to have treated the new median as critical ever since 2017, giving weight to the theory. Combined with new fib retracement levels, which the market looks to be respecting, we may have a couple of opportunities at play here where price will react.
We are coming into the week with some EUR focused news which, depending how the market reacts, may produce one of the following scenarios:
- Continue to push the pair up toward this new upper 1.0 median.
- If there’s indecision we may be in for some more range trading around the 78.6 fib level and the “old” lower 1.0 median.
- If the price breaks down, we might be looking at the confluence of support at 1.1600.
In whichever the case may be, good luck out there and have fun.
If bullish view, wait for determined break to the upside and go long on the bounce.
If bearish view, look for entries in lower time frames.