-price is currently consolidating between two monthly sup/res levels( 1.25650-1.34440)
-break of support after the formation of a descending triangle @ 1.3000(weekly level)
-support found again at 1.2870(daily level)
- price pulled back at a Fib 61.8%(breaking above prev sup/res of 1.3000)
ANALYSIS- If price rejects the fib res. level and breaks/close below 1.3000 then i expect price to continue lower to monthly level of 1.25650
if this break above the weekly level of 1.3000 holds and is rejected then price is expected to continue upwards.
waiting on a confluence of one of these instances with a M.A crossover on the daily before placing entry.
-break of support after the formation of a descending triangle @ 1.3000(weekly level)
-support found again at 1.2870(daily level)
- price pulled back at a Fib 61.8%(breaking above prev sup/res of 1.3000)
ANALYSIS- If price rejects the fib res. level and breaks/close below 1.3000 then i expect price to continue lower to monthly level of 1.25650
if this break above the weekly level of 1.3000 holds and is rejected then price is expected to continue upwards.
waiting on a confluence of one of these instances with a M.A crossover on the daily before placing entry.