Good evening from the UK. From the end of last week bears were in the market however price ranged well going into the new week. We had a consolidation zone in between 141.888 and 142.500 and if had a break either side it would lead to further momentum.
On the H4 timeframe I have a downside channel with a 4 trendily touch with exhaustion from the 3 bearish legs coming to an end will the bulls creating a break/retest which is where we are currently. With the torquiest blue key level above the consolidation zone also acting as a new floor (support level) this along side a fibonacci re-tracement gives me a bullish bias. If we continue to close above the fib ranges D1 fib extension react with a purple daily key level at 143.6/700 with a weekly descending trendily also acting as a initial zone to act as the next major area of resistance & target zone.
On the H4 timeframe I have a downside channel with a 4 trendily touch with exhaustion from the 3 bearish legs coming to an end will the bulls creating a break/retest which is where we are currently. With the torquiest blue key level above the consolidation zone also acting as a new floor (support level) this along side a fibonacci re-tracement gives me a bullish bias. If we continue to close above the fib ranges D1 fib extension react with a purple daily key level at 143.6/700 with a weekly descending trendily also acting as a initial zone to act as the next major area of resistance & target zone.