1. Symmetrical triangle formation signaling a possibility of downward trend continuation
2. Double top formed on 1H at the 0.5 fib (17.057)
3. The 0.618 fib (17.162) has been a support level in October and could prove to be a good resistance level now.
3. Good Risk-reward ratio
Looking to short if price breaks below the symmetrical triangle (below the 0.236 fib).
SL can be above 0.618 fib (17.162 price zone)
TP can be 16.00 price zone
Trade with care.
2. Double top formed on 1H at the 0.5 fib (17.057)
3. The 0.618 fib (17.162) has been a support level in October and could prove to be a good resistance level now.
3. Good Risk-reward ratio
Looking to short if price breaks below the symmetrical triangle (below the 0.236 fib).
SL can be above 0.618 fib (17.162 price zone)
TP can be 16.00 price zone
Trade with care.