Update: Support has proven resilient at this level with the daily close as a long legged Doji, showing demand on the Buyside for the pair. If longs were taken here stops will most likely need to be placed below previous support below the 618 Fib Level. R/R tells me to sit this one aside still until it breaks the 121 area.
Well we've been stuck in this period of consolidation for a good amount of time now. On the chart are some S/R levels confluent with Fibonacci Levels plotted from the Weekly low (115.50-116.08) to the Weekly High (121.45-121.79).
Areas to watch for signs of bullish momentum will be at the 618 / 786 Fib Retracement area. With major support lying between 115.51 / 116.08.
A break above the key level of resistance (121.45-121.79) would signal a long entry.
Note: By saying "break above" i mean a Daily candle break & close above the level of resistance.
A break below major support at 115.51-116.08 would signal a change of trend for me, and a short entry.
Happy Trading Traders, see you all at the London open! =)
Well we've been stuck in this period of consolidation for a good amount of time now. On the chart are some S/R levels confluent with Fibonacci Levels plotted from the Weekly low (115.50-116.08) to the Weekly High (121.45-121.79).
Areas to watch for signs of bullish momentum will be at the 618 / 786 Fib Retracement area. With major support lying between 115.51 / 116.08.
A break above the key level of resistance (121.45-121.79) would signal a long entry.
Note: By saying "break above" i mean a Daily candle break & close above the level of resistance.
A break below major support at 115.51-116.08 would signal a change of trend for me, and a short entry.
Happy Trading Traders, see you all at the London open! =)