Price has been in a bearish channel
since December 2015. After yet another impulse leg in mid-April, price has pulled back and is heading to a high confluence zone that could setup a nice reversal if not broken. After breaking through the 38.2% fibonacci retracement
, our eyes are on the 61.8% to offer further resistance.At this price, we also see a horizontal trend line
as well as the 200 ema
. These 3 factors, along with being at the higher end of the channel and the blue box slowing down and consolidating price in the past, could provide a bounce in price and offer a short back to the 0% fib for a 200 pip profit target.