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 to stop exactly 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.
Comment:
Previous 4H candle closed at 78.6% fib (white dotted line), now waiting to see if current 4H candle respects this fib also
Comment:
4H candle didn't close for a second time above 78.6% fib and closed just below it (white dotted line). But last 2x 4H candles showing bearish trend rejection as we enter final 4H candle for this week. 1H candle showed 2x bearish trend rejections in the last 6 hours but the most recent 1H candle was a Shooting Star so we continue to monitor final 4H/D/W candle close later to see if respect 78.6% fib line.
Comment:
Final 4H/D/W candle again didn't close above 78.6% fib but just below it (white dotted line). 4H closed with a slight inverted hammer candle. Continue to monitor next week for upward movement.
Trade active:
BUY ENTRY hit @ 1.68 - Week opened up. Price now testing 61.8% fib extension level (blue solid line) and also the blue dotted upward trendline.
Comment:
Pair currently going through the downward retracements originating from the previous low and upward impulse @ 1.67506
Comment:
Price 2x touched and rejected on the blue upward trendline and now seem to be making its way up