trade at your own risk (TAYOR)
1- last week weekly candle shows a very strong rejection pattern. 2- daily candle on Friday show bearish movement with strong rejection at the blue colored support zone 3- next week would see retracement upward before continuing downtrend. 4- two resistance line in red noted for possible shorting opportunity 5- 1.12000 round number might be the best place to see...
an idea where downtrend might reverse. confluence 1- harmonic move 2- 1.618 extension move from previous down movement 3- 61.8 retracement since the lowest swing low on 15//3/2015
possible cypher pattern with fair reward ratio.
fairly good risk reward ratio. however, if the price break below and closed below the support, might consider to find reason to short this pair.
Sell opportunity that could go on in downtrend with higher timeframe
keep trading the plan. possible 2618 after double top
double top on 60mins and possible for 2618 strategy..however..this is also maybe just retracement from current uptrend and may continue upward after bouncing on the 61.8 Fibo from previous low swing.
risk reward 1:1.5 and 1:2.