BULLISH OPTION:
On the weekly we have a bullish ABCD playing out with a 50% retracement.
The 50% retracement also aligns with structure and the 200MA.
We have MA's crossed to the upside on all time frames.
Waiting to see if we have a daily close outside the bearish channel/flag.
Then i would like to see a break retest of 1.51 for a long position.
BEARISH OPTION:
Possible close inside bearish channel.
If we see a break of the counter trend line and price breaks and retests 1.465 then i will be looking at a short position.
Will be looking for other confluences for the short.
If price goes bearish and we see price steam through levels of structure then there could be a possibility of price going to the lower trend line of the channel.
On the weekly we have a bullish ABCD playing out with a 50% retracement.
The 50% retracement also aligns with structure and the 200MA.
We have MA's crossed to the upside on all time frames.
Waiting to see if we have a daily close outside the bearish channel/flag.
Then i would like to see a break retest of 1.51 for a long position.
BEARISH OPTION:
Possible close inside bearish channel.
If we see a break of the counter trend line and price breaks and retests 1.465 then i will be looking at a short position.
Will be looking for other confluences for the short.
If price goes bearish and we see price steam through levels of structure then there could be a possibility of price going to the lower trend line of the channel.
