monthly, weekly and daily EMA 200 is in support. Now price is currently on 1.52100 that is weekly support zone. it might forming H&S and it could break weekly support and test the daily support at 1.51200. there is also trendline. so we need to wait what will happen to the trendline. so if trendline is broken we will wait for retest and short the pair
This Setup use the following confirmation.
1. Fibonacci 50% Reversal (@ 1.4000) ( On follow up monthly Chart )
2. Use round number expectation for strong support (@ 1.4000)
3. Use previous range bound between RED arrow and GREEN arrow.
Setup Configuration ::
This number come from strong physiological price number, Fibonacci support and previous daily spike