Currently it appears that price action is set to continue its push to the downside and if in doing so will form a Bullish Cypher Formation.
I predict price action will either do 2 things
(A) - test the lows of the minor structure level around the 1.16500 (price could possibly test it and bounce back to the upside or blow straight through it!!)
(B) push down to the D entry put in some type of reversal candle and have a text book bullish cypher!! (if only it was that simple!)
(C) push all the way down and test the monthly lows zone an possibly revers from there
Personally I am not going to take this trade as soon as price hits the D Completion. when it gets close to the D completion zone also previous resistance which could act as support (highlighted in orange) I will drop down to a lower Time fame to look for an entry reason.
I predict price action will either do 2 things
(A) - test the lows of the minor structure level around the 1.16500 (price could possibly test it and bounce back to the upside or blow straight through it!!)
(B) push down to the D entry put in some type of reversal candle and have a text book bullish cypher!! (if only it was that simple!)
(C) push all the way down and test the monthly lows zone an possibly revers from there
Personally I am not going to take this trade as soon as price hits the D Completion. when it gets close to the D completion zone also previous resistance which could act as support (highlighted in orange) I will drop down to a lower Time fame to look for an entry reason.