1. After breaking to the upside the mkt
is pulling back to a confluence zone
consisting of the key 1.1200 structure
area and the 618 retracement of the most
recent upward leg, with an oversold RSI reading.
2. If the bulls hold the mkt above the 1.1140
invalidation point the mkt is likely to retest the
high of the move around 1.1400, and potentially
break higher into the 1.1600 zone.
is pulling back to a confluence zone
consisting of the key 1.1200 structure
area and the 618 retracement of the most
recent upward leg, with an oversold RSI reading.
2. If the bulls hold the mkt above the 1.1140
invalidation point the mkt is likely to retest the
high of the move around 1.1400, and potentially
break higher into the 1.1600 zone.
Comment:
tgt 1 area reached as long as stop placed 1atr behind invalidation point