Rejection from Key Resistance & Holding Channel - Still Bearish
A follow up from a previous post suggesting a strong sell. (linked)
The upside pull back here has been accompanied with strong momentum, but sellers have stepped in at an important area and have defended. The rejection came in from a confluence of previous resistance & top of channel, confirmation by bearish engulfing candle once closed. The area also marks the 88.6% Fib level of the last leg down (5690-5423)
Looking for a move towards 1.51 or lower while the level/channel holds, which marks the 50% fib of the entire move up on the daily
The upside pull back here has been accompanied with strong momentum, but sellers have stepped in at an important area and have defended. The rejection came in from a confluence of previous resistance & top of channel, confirmation by bearish engulfing candle once closed. The area also marks the 88.6% Fib level of the last leg down (5690-5423)
Looking for a move towards 1.51 or lower while the level/channel holds, which marks the 50% fib of the entire move up on the daily
