We seen the market make a retracement last week to our 120% fib level. What does this mean? Nothing really because we didn't take any short positions. All this mean is that we retraced to 120% which is above our daily resistance zone (25882).
If we take a look at our weekly chart our weekly midrange support (25000) has held firm causing the price to shoot back up to monthly resistance (26000). Looking at this last week bullish price move engulfed 3 weeks of bearish price action.
As far as right now on neutral on this pair. Price right on retested our monthly resistance (26000) which can at this point hold firm and on our daily timeframe price dives down below daily resistance (25882). If this were to happen then we are back into the H4 and daily trend.
If daily resistance (25882) break we are expecting price to reach 27000 possible 28000.
If we take a look at our weekly chart our weekly midrange support (25000) has held firm causing the price to shoot back up to monthly resistance (26000). Looking at this last week bullish price move engulfed 3 weeks of bearish price action.
As far as right now on neutral on this pair. Price right on retested our monthly resistance (26000) which can at this point hold firm and on our daily timeframe price dives down below daily resistance (25882). If this were to happen then we are back into the H4 and daily trend.
If daily resistance (25882) break we are expecting price to reach 27000 possible 28000.
