Analysing the weekly and daily time frame we have price hovering and being rejected at key level (61.8% Retracement) However looking at the daily time frame we have divergence and oversold on the RSI. Key Confluence for downside target of 1.157500:
- 200 EMA acting as magnetic support
- Key structure level
- Key retracement level.
If price breaks below the trend line the next downside targets would be 1.5200 then lower. If price breaks above 1.6000 then the next target would be 1.6500.
For day traders on the opening of the market price may reach 1.6000 so careful when setting up the trade. If you are a swing trader stop losses should be above 1.6000.
- 200 EMA acting as magnetic support
- Key structure level
- Key retracement level.
If price breaks below the trend line the next downside targets would be 1.5200 then lower. If price breaks above 1.6000 then the next target would be 1.6500.
For day traders on the opening of the market price may reach 1.6000 so careful when setting up the trade. If you are a swing trader stop losses should be above 1.6000.