Time to go short again. Our stop will be just above the previous candle high, which happens to be the convergence level of our two moving averages, which reacted well as resistance level on the previous correction.. Target a push on 1.03.
Let's keep our fingers crossed!
Well, we are well into our rebound. As predicted the 1.04 level acted as a strong support. We are now getting close to selling time! Lets just wait for another little push closer to the red downtrend line and watch for a turn on the RSI and the stoch, as sell signals!
Certainly the overall profile is looking weak, but we haven't gone through the critical support level yet. Everything points out to the 1.04 area as a MAJOR support level. We have a long term support line in this area, matching the 50% Fib retracement and the red upper neck line should also be right on the spot. This are three major supports all coming to 1.04....