Ok so let's start off by previous week we had a very defined downtrend because of the strong yen
But now It looks like the trend is losing momentum and got overextended a good time to buy and I see this as a counter trading oppurtunity
I used from a technical strategy the fibonacci levels that I had drawn for you but I kept it simple for you guys.
On The daily it look like price is at an fiboncci retracement level and looking closer there is a falling wedge
wich means bears lose momentum and maybe bulls jump and rise the price to previous support wich is also a 618 fib level
Also notice the underlying strenght on RSI indicating bears are excausted
But now It looks like the trend is losing momentum and got overextended a good time to buy and I see this as a counter trading oppurtunity
I used from a technical strategy the fibonacci levels that I had drawn for you but I kept it simple for you guys.
On The daily it look like price is at an fiboncci retracement level and looking closer there is a falling wedge
wich means bears lose momentum and maybe bulls jump and rise the price to previous support wich is also a 618 fib level
Also notice the underlying strenght on RSI indicating bears are excausted