This is an interesting one, in which I'm not sure of a long term direction with this one.
I maintain a bearish bias for the next couple of weeks as I can't see the 112 level being broken just yet, so I may potentially enter a short trade after confirmation of a rejection at this level of resistance. I did also use fib retracement levels to help measure the pullback, but removed this from the chart to keep it tidy. However, where price will go after that I am not sure. If you trade this as an Elliot Wave, there could be a 3rd impulse wave driving price higher. My instinct tells me it will drive up to the 113 level again before another pullback but I guess we shall see!
Still, if this first prediction comes off, there is a healthy 130 pip gain to be made! :)
I maintain a bearish bias for the next couple of weeks as I can't see the 112 level being broken just yet, so I may potentially enter a short trade after confirmation of a rejection at this level of resistance. I did also use fib retracement levels to help measure the pullback, but removed this from the chart to keep it tidy. However, where price will go after that I am not sure. If you trade this as an Elliot Wave, there could be a 3rd impulse wave driving price higher. My instinct tells me it will drive up to the 113 level again before another pullback but I guess we shall see!
Still, if this first prediction comes off, there is a healthy 130 pip gain to be made! :)