Price is currently in a ascending channel respecting both support and resistance on numerous occasions, creating higher highs and higher lows. We reached a strong area of resistance at around 1.000080 ( highlighted yellow ) and failed to break above closing with a nice wick rejection. We then made another drop to the downside where we are today. I am looking for another impulsive move to the downside, along with a nice rejection at our ascending support. This will also land nicely in the Fibonacci "golden pocket" area for added confluence. Any significant rejection in this area, with some nice bullish candlestick price action will confirm a push to the upside again.
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Analysis played out to a T. We got that third touch and lovley rejection of the trend line and currently Running 35 pips profit!
Price is now struggling to break below the short term support of around 0.99270. Longs from here may still be valid as we sit in our Fib golden pocket area.