Market is currently at a strong monthly support of 1.3. This area is also a weekly 61.8% fib level.
Market is ranging between daily zone 1.34 and monthly zone 1.3. Market has rejected the 1.3 zone and found support at the 4 hr zones (lower orange zone), which is also a 50% fib level on the 4hr chart.
These are bullish indications.
Confirmations:
Trade 1(trade from lower 4hr zone): Formation of a 1hr lower low, with candlestick confirmation such as shooting star, bullish engulfing etc.
Trade 2 (trade from upper 4hr zone): Upon break of upper 4hr zone look for bullish marabozu, bullishn engulfing etc.
Trade:
Trade 1: Trade at close of 1hr candle confirming formation of a lower low
Trade 2: Trade at close of 1hr candle that closes past the zone.
Market is ranging between daily zone 1.34 and monthly zone 1.3. Market has rejected the 1.3 zone and found support at the 4 hr zones (lower orange zone), which is also a 50% fib level on the 4hr chart.
These are bullish indications.
Confirmations:
Trade 1(trade from lower 4hr zone): Formation of a 1hr lower low, with candlestick confirmation such as shooting star, bullish engulfing etc.
Trade 2 (trade from upper 4hr zone): Upon break of upper 4hr zone look for bullish marabozu, bullishn engulfing etc.
Trade:
Trade 1: Trade at close of 1hr candle confirming formation of a lower low
Trade 2: Trade at close of 1hr candle that closes past the zone.