Huge bearish engulfing on the weekly. Trading below 20day SMA on daily and weekly, weekly close above 1.1 support, a daily close below 1.1 will see further continuation to the downside following the bullish US data on Friday, target of 1.075 confluence with monthly S1. A break of the bearish trend line could see a move to the monthly R1 confluence with the round number 1.15.
1.1 ROUND NUMBER ACTING AS SUPPORT CONFLUENCE WITH MONTHLY PIVOT AND 50% FIB RETRACEMENT LEVEL - KEY LEVEL TO WATCH WHAT PRICE ACTION DOES HERE
Upside break target to 1.15 Downside target of 1.075
Comments
HProTrader
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Looks like we are heading to 1.075 and to the downside, maybe look to buy on a pullback retracement to the trend line