- The market structure is in a downtrend. - The market is respecting the trend lines - The market is in a area of value - We are approaching an entry trigger.
This is what I had drawn on my charts as well except for the T2, I'm confident that price will reach T1 within the month but I feel what we saw between the 2nd - 9th of August might be the start of a price reversal and we may break to the upside hitting 1.1340. - This short downtrend to T1 may just be a fib rejection to the resistance levels before breaking out though but I will have to wait for more signs that it will go in that direction before I place a long trade at any level. - RSI is indicating a trend reversal as well but Fundamental is still a pretty strong sell.
I just think that the second target might be a bit low and that 1.10500 would be a more feasible target?
- Bearing in my your lower trending level has only been tested twice and in the meantime, price has been staying away from that area by a fair few pips even if the highs have got lower.
I just think that the second target might be a bit low and that 1.10500 would be a more feasible target?
- Bearing in my your lower trending level has only been tested twice and in the meantime, price has been staying away from that area by a fair few pips even if the highs have got lower.