As the market holds a trend line it is also paused at what would now be a resistance level. We can see that has bounced a few times as both resistance and support. If the bulls step in pushing prices up then there is a bearish cypher completing at 1.1544. Something for the watch list.
Within a bearish channel a bearish cypher formation completes up at 1.2877
Not only does the pattern complete at a level of structure as marked by the arrows but it is also touching the upper channel trendline, a nice point of confluence. Potential targets using fibs or structure.
The market broke out creating a new structure high and has now retraced back down to the original break point.
Along with support there is a Fibonacci 61.8 retracement level, IF price retests the 1.0966 level again and holds giving us a double bottom then that could be a reason to get long looking for a ...
Not knowing which way the market will take us we need to be able to identify potential trade opportunities for going both long & short.
IF price action takes us higher there is a nice selling zone with a cluster of Fibonacci retracements and extensions which line up with a strong structure level giving us that high ...