After breaking out of the ascending channel that we have identified on the graph, the price has been impulsing towards the upside ever since. At the moment, we might infer how a crucial area of resistance has been reached and we are expecting for some correctional moves | pullbacks to kick in from here and drive the price towards the downside in the middle run.
Our target zone is the region of previous resistance that is now acting as support that nicely aligns with the 50% Fibonacci retracement level identified by connecting the beginning and the (probable) end of the ongoing Weekly-timeframe wave of impulses.
Entry-wise, we will zoom into lower-timeframe graphs such as the Daily and the H16, observe the price development, and wait for our criteria to get fulfilled before we enter positions and aim for targeting a 1:4 - 1:5 risk-reward execution.
Our target zone is the region of previous resistance that is now acting as support that nicely aligns with the 50% Fibonacci retracement level identified by connecting the beginning and the (probable) end of the ongoing Weekly-timeframe wave of impulses.
Entry-wise, we will zoom into lower-timeframe graphs such as the Daily and the H16, observe the price development, and wait for our criteria to get fulfilled before we enter positions and aim for targeting a 1:4 - 1:5 risk-reward execution.