Bearish trend line showing high level of resistance towards 0.786 Fib level, breaking trend and showing upwards momentum between 0.786 level to 0.618 level. Based upon Daily and 4 hourly 200 EMA, alot of upwards bullish momentum persisting in the market. Therefore, pending retest of the 0.786 Fib level its likely there will be strong bullish momentum to at least the 0.618 in the short term, accruing approximately 40 pips with minimal downside risk...Ceteris paribus.
Furhtermore, Euro zone economic statistics were favorable and indicate potential Eurp stregnth. Y/Y retail sales beating expectations and Retail sales being stronger than expected m/m.
got buy position holding, but the trend seems going down.
Tical1
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@kate_narada, Believe the trend is reaching its lowest point as price is in a strong area of resistance and close to my support level, and has failed to make any lows close to the 1.17892 level it reached on the 30m time frame. However, I agree, the short term trend is still downwards so I'm waiting to maximise r:r