I'm currently Long at the moment as of now until we reach the 78.6% 4HR Fib Level. I believe price will try to retest resistance again and before it does I will exit my long position and then start looking for sell positions. Price has already touched and resisted 61.8% Weekly Fib Level and I don't expect it to break out above that area or even touch it again. Thats why I plan to take two sell positions just short of the resistance area and exit at the 38.2% Weekly Fib level. You will see on the chart that both weekly and daily fib levels 38.2% are within just a few pips from each other and i would be careful if you plan on price to break through these levels but if it does then expect price to reach the 50% weekly fib level and start looking for good buy entries from here.
Comment:
Correction: If price confirms break below 38.2% fib levels expect price to touch the 50% Daily Fib Level NOT the 50% Weekly Fib Level.