We have not seen a good retracement from the last major swing high. In case we dont break resistance here as shown in previous chart, I would expect first support to come in around the 0.386 level.
However, this level has already bounced the price several times, so I would say its likely to go lower if we test it again.
This is why my preferred area to look for longs would be around the 0.50 and the 0.618 retracement levels.
I have circled a candle we should look for when we are close to resistance as this candle signals weakness. A long wick to the upside with a small body is bearish. It shows price tried to go upwards but was rejected for the biggest part of the move and closed relatively low as well.
However, this level has already bounced the price several times, so I would say its likely to go lower if we test it again.
This is why my preferred area to look for longs would be around the 0.50 and the 0.618 retracement levels.
I have circled a candle we should look for when we are close to resistance as this candle signals weakness. A long wick to the upside with a small body is bearish. It shows price tried to go upwards but was rejected for the biggest part of the move and closed relatively low as well.
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Very same idea but apply it to the new swing high on the 4hr chart.
See next chart