Weekly timeframe we had dark cloud cover followed by an inside bar which was cancelled out with a bearish engulfing bar and last weeks bar failed to provide any bullish signals. I believe a deeper pullback is due.
Daily TF and 8hr it is clear we are making LLs and LHs. The 1.27 extension of larger fib lines up with 1.27 extension of most recent 8hr swing. I expect most recent leg to finish and then to enter on the retracement of this, down to my target levels.
Potential against the trade is break out of trendline and retest around 78.6% fib. Will watch around here, however I favour the higher timeframe and also dollar weakness is fundamentally expected.
Daily TF and 8hr it is clear we are making LLs and LHs. The 1.27 extension of larger fib lines up with 1.27 extension of most recent 8hr swing. I expect most recent leg to finish and then to enter on the retracement of this, down to my target levels.
Potential against the trade is break out of trendline and retest around 78.6% fib. Will watch around here, however I favour the higher timeframe and also dollar weakness is fundamentally expected.