Price has bounced off of the 4hr support level, and has created an uptrend on the 1hr time frame. The 1hr support zone coincides with this trend line so I expect price to bounce upwards from this zone to reach 0.73308 at least, for a small 30/40pip trade. I would wait for a bullish candlestick formation in reaction to the support before entering this trade.
We have a strong support at 1.18245, price still has a little way to go before reaching this area as seen on the 4hr timeframe, if you use the Fibonacci tool you will see this support is also within the golden zone.
It could be said that price has broken the 4hr trend line and is currently below it. As you can see there is a strong resistance at 1.18906 which...
On the daily chart, you can see the wick of the previous candle has touched my monthly level and a following extremely bearish daily candle suggests price will continue to fall from here. I believe it is in the process of retesting although I'm not sure where it will retest to so waiting for a short opportunity. I have plotted my fib levels on the daily timeframe....
If the 4hr candlestick closes above the zone, price might retest this area before reaching the next 4hrly zone as price is currently in an uptrend which you can see on the daily time frame. Based on the 4hr, price is also in the golden zone of my Fibonacci, a break below this level would require a change in ideas!. I'm a beginner so any tips or flaws in my...
