Looks we have a potential Bull
Trap on the 30min. Over all the trend has turned bearish
, making lower lows and lower highs. There is even a Bearish Flag
on the Daily chart
. I'm looking for price to breakout of the channel past resistance at .6760's and the .382 fib back to .6794. There is a 1.618 inversion that lines up with the . 618 retracement
. There is also a big fat juicy red candle that opened at this area; also a fresh supply zone
for you S&D traders. To add we have the .6800 even handle a few pips away for added resistance. I'm looking to get short at.6794 with my stop at .6818. My first target is at .6760, where the potential breakout starts and a follow up target at .6710. Good luck trading out there.