zsoltfekete1

zsoltfekete1

- D1 channel (from 2020.03.) bottom line (purple line) is broken down, price is broke out from the channel - H1 big red candle broke down the local trendline - H1 horizontal ray (@1.37277) is retested 2 candles after the break - TP and SL levels and reasons are marked on the chart

zsoltfekete1

- Exhausted correction after a five-wave impulse - Supply zone between 1.6862 and 1.6929 - Forming a hammer (maybe it will be a bullish engulfing) candle pattern on H4 - Stochastics in an oversold zone

zsoltfekete1

Price action retraced to .386 fibo level and the support area at .7835 will push the price up to .886 or 1.0 fibo level. Hammer and doji candles are supports the idea. Entry after the trend line break.

zsoltfekete1

I see an emerging bearish cypher pattern, where the PRZ is overlapped with the round 163.0 resistance. I will enter the trade if the red trendline breaks. My targets are .618 and .886 fibo levels.

zsoltfekete1

I think if p.a. will break out short from the bullish rising wedge, then it falls back to minimum 50% fibo and the support area near 1.095-0.097. This is my first published idea, so feedbacks will be appreciated.