Its the third time at the same level market rebound and the triangle more explored to us after breaking the down trend and testing it again we are sure market will go up to 1.8041 this level our first target and under the new low is our SL .
Good luck ..
If the pair pulls back to either the 2.14 area there could be a potential opportunity for a short.
Reasons to short -
Trend is bearish
Returning to a major SR level (blue line)
The previous time it was at this level there was a strong sell off, and it is the first time it could return to this area (yellow box)
A confluence of fibonacci levels from previous...
basic textbook setup. price has retraced into a key resistance level which also has 2 fibs lined up with it aswell (38.2% and 61.8%). double top has now formed and price has bounce off the Resistance forming a pin bar/inverted hammer. Target at the neckline of double top.
(See the edit to Gartley #1 in the comment below)
Looking at the 4 hour chart there are two potential Gartley patterns setting up:
Gartley Buy Pattern (purple):
Buy @ 1.9870
Sell @ 1.9770 (SL) (Note the typo in the above chart)
Sell @ 2.0084 (TP)
Risk: 100 Pips
Reward: 210 Pips
After the Gartley Buy, we also see a potential Gartley Sell with the CD leg...