I see a Possible short position from 117.650 to 116.950 if we see signs of exhaustion.
If you agree with the idea please comment, like and follow me on TradingView.
Be patient, Good luck.
-Major down trend
-Fibo 38.1 and resistance zone retest
-50 EMA Retest
-Flag retracement pattern after impulse
ONLY OPEN THE TRADE IF AN ENGULFING BEARISH BAR APPEARS IN THE CONFLUENCE ZONE
-Flag pattern retracement
-Possible 38.1 fibo retest
-Possible support/resistance zone retest
This is a highly risk possible trade considering that we are going against the trend. Even though, if you manage your risk wisely you can trade this potential trade with no problems.
Considering the divergence, the way the price is moving (more like correction than a strong impulse bullinsh move), the current downtrend (daily timeframe) and the channel/support resistance zone, this could be a potential short trade. ONLY TRADE IT IF YOU SEE AN ENGULFING BEARISH BAR then the price test the confluence level.
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