On the lower time frames it appears price action has formed a double bottom and a long entry can be taken on a break of the neckline. Price action on the weekly chart can see the potential for a tweezor bottom to form at a decent area of support where longs can be taken from.
There is also a descending trendline which held firm towards the end of 2016 which will need to be broken to confirm a longterm Bullish bias.
A break of 112.000 can see us approach the weekly level @ 110.000. With a 38.2% fibonacci level
at 111.000 and the prescence of the 50 EMA, this could lead to another area to go long from
Bias is Bullish for the time being
(this chart will be updated as we go along so please turn on notifications for my page!!!)
There is also a descending trendline which held firm towards the end of 2016 which will need to be broken to confirm a longterm Bullish bias.
A break of 112.000 can see us approach the weekly level @ 110.000. With a 38.2% fibonacci level
at 111.000 and the prescence of the 50 EMA, this could lead to another area to go long from
Bias is Bullish for the time being
(this chart will be updated as we go along so please turn on notifications for my page!!!)