Short Term exhaustion
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Volume as indicated was relatively strong on the previous candle with very little movement after the large bearish candle.
Move down has most likely been exhausted for the time being, with a possible counter trend trade to the long side. I am targeting the .382 fib retracement, placing a stop a little below the support area.
1. Strong support area below entry point.
2. confluence between .382 retracement target and resistance area above.
Move down has most likely been exhausted for the time being, with a possible counter trend trade to the long side. I am targeting the .382 fib retracement, placing a stop a little below the support area.
1. Strong support area below entry point.
2. confluence between .382 retracement target and resistance area above.
Note
Took profit at the .236 area. Decided not to go for the .382 since US data was coming up.
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