Key level is being tested. The neckline of the major head and shoulders on the daily chart which meets the 50% retracement level for the overall bullish wave around 0.7180-0.7200. Watching this support for either:
1- A bullish rebound: In case of confirmation of a long trade over the lower timeframe(four hour chart) i will be buying the pair for a first target at the high of the right shoulder as shown on chart.
2- A bearish breakout: In case of a daily closing below 0.7180, i will be shorting the pair with initial target at the 61.8 retracement level at 0.7100.
As usual, will try my best to update it when the trade setup completes .
Best
Technician
1- A bullish rebound: In case of confirmation of a long trade over the lower timeframe(four hour chart) i will be buying the pair for a first target at the high of the right shoulder as shown on chart.
2- A bearish breakout: In case of a daily closing below 0.7180, i will be shorting the pair with initial target at the 61.8 retracement level at 0.7100.
As usual, will try my best to update it when the trade setup completes .
Best
Technician
Comment:
We are still within the support zone, and no confirmation of either sides of the trade so far.
