On the weekly price made a double top and is on its way down. On the daily chart we can see that price is now testing previous resistance as support. If price breaks through its current support then price should continue its downwards movement. The 4 hour chart has given me a clear wave pattern and weekly fib. 50% as well as 4hr 78.6% levels are being rejected which is added confluence to my bearish bias. Let me know what you think.
Target Area: 1.23000
Take half profit at 1.25000 area
Target Area: 1.23000
Take half profit at 1.25000 area
Trade closed: stop reached:
Got Stopped out. Price may rise to 1.29600 area