On the Monthly TF we can see:
We're trading below the MA's indicating we are in a downtrend.
We've spiked above MA but was forced lower.
Looks like we're forming a hammer. Possible reversal?
At price 1.57085 is the 61.8 retracement. So we could find support around here.
We're currently trading at 50% fib. AB=CD to 1.272 is a possibility.
On the Weekly TF we can see:
A huge Bearish marabuzo candle, indicating we have further downside potential before a reversal
On the Daily TF I am waiting for a close above 50% fib in order to take a long position.
Also i'll be monitoring PA and MA's on the Lower TF's in order to spot reversal patterns and signals.
-Targeting the AB=CD Completion.
This week should be interesting, tonight with BOE announcement and also the NFP out on FRIDAY.
We're trading below the MA's indicating we are in a downtrend.
We've spiked above MA but was forced lower.
Looks like we're forming a hammer. Possible reversal?
At price 1.57085 is the 61.8 retracement. So we could find support around here.
We're currently trading at 50% fib. AB=CD to 1.272 is a possibility.
On the Weekly TF we can see:
A huge Bearish marabuzo candle, indicating we have further downside potential before a reversal
On the Daily TF I am waiting for a close above 50% fib in order to take a long position.
Also i'll be monitoring PA and MA's on the Lower TF's in order to spot reversal patterns and signals.
-Targeting the AB=CD Completion.
This week should be interesting, tonight with BOE announcement and also the NFP out on FRIDAY.