Additionally, trend structure has been really nice and clean, the price has reached the 200% level and shows early signs of rounding off, with multiple pin bars having formed recently. Slight divergence as well. The ECB hasn't made any big waves with their interest rate announcement today and it looks like the price might find its way down soon.
Plenty of room to the downside, with the first real around 0.85900. If it manages to break this level, I would set targets at 0.84900, keeping into account potential support from an upwards on the daily. But first, I want to see the price break and close around 0.86500, which is where I have my price alert set.
Good luck trading!
For more analysis and forex trading articles, visit http://smartforexlearning.com and follow:
- on Twitter: http://twitter.com/smartfxlearning
- on Facebook: https://www.facebook.com/smartforexlearn...
- on Google+: https://plus.google.com/+Smartforexlearn...
The first place I would look for a new reversal opportunity would be at the previous swing high, around the 0.88300 level.