Hello Traders !
As we can see on the hourly chart, the fiber's uptrend broke the green support at 1.09407 and went on a downtrend.
The 0.618 level served as a strong support. After a rebound on the latter, the fiber failed to break the 0.382 level resistance. On the mid level and red line resistance intersection, the price failed to break it and plunged strongly to the 1.618 fib level, after it failed to touch again the red resistance. Then it rebounded and touched the Red Resistance.
It is clear that the market doesn't show a real signal for an uptrend. If the fiber breaks the red line, there is a high probability to witness an uptrend, that will be proved when the 0.5 fib level will be broke with big green volume and candle.
However, if it doesn't, we are on a perfect sell area.
As we can see on the hourly chart, the fiber's uptrend broke the green support at 1.09407 and went on a downtrend.
The 0.618 level served as a strong support. After a rebound on the latter, the fiber failed to break the 0.382 level resistance. On the mid level and red line resistance intersection, the price failed to break it and plunged strongly to the 1.618 fib level, after it failed to touch again the red resistance. Then it rebounded and touched the Red Resistance.
It is clear that the market doesn't show a real signal for an uptrend. If the fiber breaks the red line, there is a high probability to witness an uptrend, that will be proved when the 0.5 fib level will be broke with big green volume and candle.
However, if it doesn't, we are on a perfect sell area.