Price broke bullish structure and has created a new Lower High, in which we successfully retested and rejected the previous structure confirming the short
R:R = 1 : 3
(We could see further downward momentum to 1.73)
We saw price break our trendlines to the upside temporarily, until price hit the golden Fibonacci range were bearish pressure reversed the trend back down to the downside. Causing the price to break back into our
downward channel, whilst breaking a 4hour support now turned resistance which has been retested and appears to be holding as well as showing clear signs...
Price has created a fake key area in which traders have previously longed at creating a lot of liquidity at the bottom in which smart money has taken.
we see above a double top in which I feel price will head to as there is a lot of un-taken money sitting above there as you know smart money drives price to areas of liquidity
Price recently hit a major resistant 0.925 and has failed to create a new higher low around this area
However we must wait for the break, retest and rejections of the red line before taking any trades!
Possible 240 pip move!
(possible buy idea)
We've had a strong push down, bearish momentum is starting to decline around this key area
waiting on more rejections before buying as price may push past this area
If I have missed anything please write in the comments!