Trend has shifted bearish on the MACD and we may see a pullback towards
Daily S1, SMA200, the lower band of the Flag and also the important Yearly
S2/1,08 Support level, which has been important throughout 2015 as Range low.
Generally, the flag pattern suggests more upside. A good strategy would be
to look for longs just above 1,08 or perhaps wait and hope for a bounce and test
of the Weekly Pivot Point at 1,0791. However IF price breaks and close below the Weekly Pivot Point
we may see further losses and perhaps a retest of the broken Monthly Pivot point at 1,0723.
Long scalps should aim for the upper flag band or the current high as a target (Daily PP or Daily R1) but
a bounce off of the Weekly Pivot point (1,0791) may take price up to test the Weekly R1 at 1,1064. The
50% Fib of the whole bearish swing at 1,1008 will also be a strong resistance level.
Note that the 1,0890 level is also a confluence level (61,6 Fib of the whole down swing/Daily PP and Monthly R1
as well as the upper band of the Flag.
Daily S1, SMA200, the lower band of the Flag and also the important Yearly
S2/1,08 Support level, which has been important throughout 2015 as Range low.
Generally, the flag pattern suggests more upside. A good strategy would be
to look for longs just above 1,08 or perhaps wait and hope for a bounce and test
of the Weekly Pivot Point at 1,0791. However IF price breaks and close below the Weekly Pivot Point
we may see further losses and perhaps a retest of the broken Monthly Pivot point at 1,0723.
Long scalps should aim for the upper flag band or the current high as a target (Daily PP or Daily R1) but
a bounce off of the Weekly Pivot point (1,0791) may take price up to test the Weekly R1 at 1,1064. The
50% Fib of the whole bearish swing at 1,1008 will also be a strong resistance level.
Note that the 1,0890 level is also a confluence level (61,6 Fib of the whole down swing/Daily PP and Monthly R1
as well as the upper band of the Flag.