This pair is descending last 10 days and seems like it will do another leg down of approximately 60 pips. Support areas are better seen on daily charts below.
Pair retraced to 50% in the first two waves, on the last one it touched 62%, but always closed near 50%. I see two possible entries for shorts, marked in red. The higher one would be optimal, but question is if will reach to there. If not, also the one between 50% and 62% will be OK. Target is somewhere around 0.71, which is between 1.272 and 1.618 extension of the last small wave and also support area, seen on daily charts below.
Daily chart:
Daily line chart:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Pair retraced to 50% in the first two waves, on the last one it touched 62%, but always closed near 50%. I see two possible entries for shorts, marked in red. The higher one would be optimal, but question is if will reach to there. If not, also the one between 50% and 62% will be OK. Target is somewhere around 0.71, which is between 1.272 and 1.618 extension of the last small wave and also support area, seen on daily charts below.
Daily chart:
Daily line chart:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
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Target would get hit :D