Price is testing the lower wedge floor and possibly the Weekly pivot point which stands at 1.0666. 1.0646 is the current upper Kumo Cloud, which may also support if price attempts to break the wedge. The general idea is that price will look to trade the Yearly pivot point at 1.0830 level before any serious bearish development takes place. But if the wedge is broken we may see a deeper move down. General plan is to look for a long trade by the current levels after a buying signal, with target at the Yearly PP at 1.0830.
Comments
caseystubbs
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Looks like a great trade what is your buying signal?
CapMoore
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@caseystubbs, I entered on lower timeframe by the daily S3, with a key reversal.