Weekly:
A fib retracement shows us that 0.63600 is the first target and the long term target is 0.62000. We can also see the weekly support of 0.65000 has been broken.
Daily:
We can see that the daily is breaking below the 0.64300 support level. It seems to have held for now but there seems to be more pushing it down.
4HR:
We can see on the 4hr chart that the market is still creeping down.
Overall, my bias is bearish. I will take a trade once the 0.64300 support is broken but is retested as a resistance level. That is the first trade idea.
The first fib target of 27% is the 0.63600 level. If I do not take my first trade idea then the possible second trade idea will be taking a trade upon retesting the 0.63600 level. This trade I will try holding it to near the 0.62000 level, which is the second fib (61.8%) target level. This should complete the ABCD fib pattern.
There are a few support levels at around the 0.63500 (weekly support) and the 0.62500 (weekly support) levels that you have the be careful about. Possibly move stops into breakeven once 20/30 pips in profit.
A fib retracement shows us that 0.63600 is the first target and the long term target is 0.62000. We can also see the weekly support of 0.65000 has been broken.
Daily:
We can see that the daily is breaking below the 0.64300 support level. It seems to have held for now but there seems to be more pushing it down.
4HR:
We can see on the 4hr chart that the market is still creeping down.
Overall, my bias is bearish. I will take a trade once the 0.64300 support is broken but is retested as a resistance level. That is the first trade idea.
The first fib target of 27% is the 0.63600 level. If I do not take my first trade idea then the possible second trade idea will be taking a trade upon retesting the 0.63600 level. This trade I will try holding it to near the 0.62000 level, which is the second fib (61.8%) target level. This should complete the ABCD fib pattern.
There are a few support levels at around the 0.63500 (weekly support) and the 0.62500 (weekly support) levels that you have the be careful about. Possibly move stops into breakeven once 20/30 pips in profit.
Comment:
EDIT: I took the first trade and when I was in 20-30 pips profit I put the SL to break even. I eventually got the SL hit at BE so I am not in the trade anymore, and the week has also ended.
