🍁In the current analysis I decided to try to find where the current upward impulse which started with the breakout of the bottom on 10 October, followed by a huge upward wave until now, might end.
🍁 To define a possible good place for a correction, I decided to use the external fibo measure which I led from the current peak to the low we made today.
🍁The nearest possible level is around the price level of 0.8397 where the external fibo measure of 1.272 is located.
🍁It is worth noting that we have again moved out of the uptrend channel, breaking out of it at the upside.
🍁The support zone I decided to determine based on the 0.236 level and you can also see that it was previously very respected.
🍁The scenario I am playing out is to squeeze the price to the resistance level on a wave of optimism. But I am aware of the possibility of a correction at any time, this should be taken into account for this pair, If the outlook would change I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
🍁*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.
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