I have been waiting for this type of movement on this pair and now we have it.
It is now in the region of the 78 fib level which lines up with the shooting star which broke the key level weeks before.
price has retraced back and now we await if price will fall or continue to rise above.
I'm favoring the the downside as price has made a new lower low prior and this price action could form a new lower high. There is alot of weakness around 1.80000 level but price may still reach this level and fall from there.
Normally I would just enter this trade right now but I am hopefully learning to hold back and wait for the 4HR candle close and see if it can reject the purple MA
lets see.....................................
It is now in the region of the 78 fib level which lines up with the shooting star which broke the key level weeks before.
price has retraced back and now we await if price will fall or continue to rise above.
I'm favoring the the downside as price has made a new lower low prior and this price action could form a new lower high. There is alot of weakness around 1.80000 level but price may still reach this level and fall from there.
Normally I would just enter this trade right now but I am hopefully learning to hold back and wait for the 4HR candle close and see if it can reject the purple MA
lets see.....................................
I will be taking short position on this pair unless I see extreme bullish action for the last hour.