Okay so lets start off by talking a little about the weekly time-frame before we digest the daily. Price so far has reached our weekly mid-range support (1.27000) and by the looks of it it seems to be holding.Of course at the time of writing this the market is still open and you never know what could happen in these periods of time. So far price has been bouncing of the monthly key level (1.32000) and the weekly mid-range support (1.27000). But lets just say current price dont fluctuate much and the weekly mid-range support holds, i am anticipating a retracement of the daily time-frame up to 61.8% which is above our daily resistance zone (1.28959).
Keep in mind we got daily resistance zone (1.28013) to breach before we can head up to our retracement target. 1.28013 is slightly below our 38.2% so we can call this confluence at that level which can also hold and price continues on with its current momentum from there on.
So im gonna have to say im in a neutral position as we simple dont know if price will continue to bounce of the monthly key level and the weekly mid-range support level, but we can still get an idea of what could possible happen .
Keep in mind we got daily resistance zone (1.28013) to breach before we can head up to our retracement target. 1.28013 is slightly below our 38.2% so we can call this confluence at that level which can also hold and price continues on with its current momentum from there on.
So im gonna have to say im in a neutral position as we simple dont know if price will continue to bounce of the monthly key level and the weekly mid-range support level, but we can still get an idea of what could possible happen .
