On the weekly timeframe we can see there is a huge gap down which will most likely need to be filled. We are still anticipating a reversal as the weekly timeframe overall has been bearish for the last year. We see a lot of rejection to the upside so we most likely are getting closer to a complete downward movement to a new low.
On the H4 timeframe we are targeting a downward move after we get a retracement back into the 0.67200 level. We have stops above the 78.6% on the fibonacci. Once price rejects this zone we should be entering shorts.
On the H4 timeframe we are targeting a downward move after we get a retracement back into the 0.67200 level. We have stops above the 78.6% on the fibonacci. Once price rejects this zone we should be entering shorts.