The end is coming John Snow! Or is it here already?
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Looking at the daily we see the the major swing highs come at the same price levels whereas the major swing lows are coming higher forming some kind of triangly.
The firs swing low went as low as 88.6% of the the upmove. The second swing low is now resting at support at the 78.6% of the consecutive upmove. Price might bounce of here already however if it continues falling it may run into a stronger support of:
ABCD (1.27% extention of AB)
Major Swing Low Support
Outer Uptrendline
Same Fibonacci Retracement level 88.6% as previousely respected
Ideally I'll be looking for the RSI to break out of the trendline, previousely being oversold and left oversold + Candlestick or simple price pattern on lower timeframe. As this is a countertrend trade and the USD is sold off heavily at the moment by hedge funds I would not shoot for a very large target. Try betwee 1,5 & 2.5 - Reward for 1 Risk
The firs swing low went as low as 88.6% of the the upmove. The second swing low is now resting at support at the 78.6% of the consecutive upmove. Price might bounce of here already however if it continues falling it may run into a stronger support of:
ABCD (1.27% extention of AB)
Major Swing Low Support
Outer Uptrendline
Same Fibonacci Retracement level 88.6% as previousely respected
Ideally I'll be looking for the RSI to break out of the trendline, previousely being oversold and left oversold + Candlestick or simple price pattern on lower timeframe. As this is a countertrend trade and the USD is sold off heavily at the moment by hedge funds I would not shoot for a very large target. Try betwee 1,5 & 2.5 - Reward for 1 Risk
Nota
Nota
Closer look on the 4h chart
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