Market has provided an ABCD pattern in progress.
Either the C leg as completed on the 61.8 retrace and will head up to 1.41 from here. Or, my preferred setup is to begin with bear movement down to 1h demand around 1.3770. From there we can observe price action and go long if the market begins to turn.
The preferred scenario would mark a neat return to daily demand and daily TL retest and would be the perfect launchpad. We are currently in the retrace leg of a daily W pattern, which has either turned at 0.5 retrace or has lower to go first. Overall I am bullish.
Either the C leg as completed on the 61.8 retrace and will head up to 1.41 from here. Or, my preferred setup is to begin with bear movement down to 1h demand around 1.3770. From there we can observe price action and go long if the market begins to turn.
The preferred scenario would mark a neat return to daily demand and daily TL retest and would be the perfect launchpad. We are currently in the retrace leg of a daily W pattern, which has either turned at 0.5 retrace or has lower to go first. Overall I am bullish.