BUY Reason: Downward retracement complete 78.6% (white dotted line), fibo extension also complete to 61.8% area (blue solid line), waiting for Day Close at blue upward trendline (strong trendline from Aug 2019, 3 touches and waiting to confirm 4th touch and bounce on trendline on 4H & Day candle)
Idea: Look for buy entry on 4H and TP1 at 1.7170 (50% fib) as 50% fib is strong level based on volume about a week ago. TP2 at 1.7318 (38.2%) fib as that is key level and key fib across several weeks in the past. Need to see price action beyond this point as there is an inner downward trendline to watch (yellow dotted line). Monitor TP2, may not reach due to this inner downward trendline. SL at 1.654 (just below previous low), analysis invalid below this point.
This analysis is a personal opinion and subject to change at any time without notice. Always make your own independent investment decisions and take this as educational only.
Idea: Look for buy entry on 4H and TP1 at 1.7170 (50% fib) as 50% fib is strong level based on volume about a week ago. TP2 at 1.7318 (38.2%) fib as that is key level and key fib across several weeks in the past. Need to see price action beyond this point as there is an inner downward trendline to watch (yellow dotted line). Monitor TP2, may not reach due to this inner downward trendline. SL at 1.654 (just below previous low), analysis invalid below this point.
This analysis is a personal opinion and subject to change at any time without notice. Always make your own independent investment decisions and take this as educational only.