I have been waiting on this setup for the past week and it looks as though it is coming through nicely this morning.
You can see a bullish Fibonacci that has made the A,B&C extensions, and is now on its way up to make D.
We have broken out of the descending channel and have had a strong close above the purple range which is interim Daily resistance.
Moving averages are converging and have already crossed on the H4 chart.
My 1st target is 0.73850 which is in line with a prior double top on the H4.
T2 is 0.74250 which is mid-range Weekly resistance.
This current setup has a RR of 1:3 with stops going under the 78.6% Fib level.
You can see a bullish Fibonacci that has made the A,B&C extensions, and is now on its way up to make D.
We have broken out of the descending channel and have had a strong close above the purple range which is interim Daily resistance.
Moving averages are converging and have already crossed on the H4 chart.
My 1st target is 0.73850 which is in line with a prior double top on the H4.
T2 is 0.74250 which is mid-range Weekly resistance.
This current setup has a RR of 1:3 with stops going under the 78.6% Fib level.