On the Weekly time frame we have a 61.8% retracement
with lower high formation and oversold on the stochastic
. As you could see on the chart price has breached and closed below the asymmetric triangle. On the opening of the market we can expect price to reach 138.800-139.000 or a straight continuation to the downside. our downside targets for this week are 137.000-136.800 then 136.000.
However, if price breaches and closes above the asymmetric triangle then bullish
momentum would continue. As visualised on the graph a bullish harmonic pattern
was formed the target has already been met but on the opening of the market that same level may be retested before continuation to the downside.
For Swing Traders safe stops are above 139.500-140.000. For Day traders, stop losses should be set accordingly.