Interesting trade here.
I have drawn a fib from the previous highs around the 131.300 area.
A new low was made around 124.600 and price has pulled back to the 78 fib level. 3 daily candles have rejected this level.
This 78 fib level could have been made stronger by the 130.000 key level. Price could be rejecting the 78 fib level, the 130.000 level or both. (I like to think both)
If price does fall I expect a great bearish run and new lows to around the 120.000 area but first things first.
Stops have been placed 60 pips above the 130.000 level. If price makes it there then I would like to think this fib is invalid. The fib would 100% be invalid if daily price closes above the 78 fib level.
see hos this trade places out....
I have drawn a fib from the previous highs around the 131.300 area.
A new low was made around 124.600 and price has pulled back to the 78 fib level. 3 daily candles have rejected this level.
This 78 fib level could have been made stronger by the 130.000 key level. Price could be rejecting the 78 fib level, the 130.000 level or both. (I like to think both)
If price does fall I expect a great bearish run and new lows to around the 120.000 area but first things first.
Stops have been placed 60 pips above the 130.000 level. If price makes it there then I would like to think this fib is invalid. The fib would 100% be invalid if daily price closes above the 78 fib level.
see hos this trade places out....