The pair is back at the previous swing low which has provided support at least twice (zoom out to 4H TF)
This level is also a Fibonacci level in confluence with the 50EMA which has been tested twice and provided resistance (1H TF)
Action Plan:
- Wait to see if the price will respect level and bounce back or break out of the level.
- If price breaks to the upside, I would expect the price to go up to the 75.95 level where the price has stalled and served as resistance (zoom out 4H TF).
- If price finds resistance on the level, we can take short trade down to the current swing low, or trail stop to the lows of the Daily which is the 74.38 - 74.23 level
Things to look at:
- 1H TF is currently on the OB level
This level is also a Fibonacci level in confluence with the 50EMA which has been tested twice and provided resistance (1H TF)
Action Plan:
- Wait to see if the price will respect level and bounce back or break out of the level.
- If price breaks to the upside, I would expect the price to go up to the 75.95 level where the price has stalled and served as resistance (zoom out 4H TF).
- If price finds resistance on the level, we can take short trade down to the current swing low, or trail stop to the lows of the Daily which is the 74.38 - 74.23 level
Things to look at:
- 1H TF is currently on the OB level