EJ Short Idea
Higher timeframe analysis has been bearish up until recent price action where we can see a daily retracement of the 88.6% fib level
Since price action reached the 88.6% level we have noticed a daily Lower high form which suggests potential bearish volume coming
Ideally a test of broken structure followed by break and retest of major support around 119.800 would give us confirmation to enter short
Upon confirmation we will target higher timeframe support levels as this will be a very large move to the downside
Higher timeframe analysis has been bearish up until recent price action where we can see a daily retracement of the 88.6% fib level
Since price action reached the 88.6% level we have noticed a daily Lower high form which suggests potential bearish volume coming
Ideally a test of broken structure followed by break and retest of major support around 119.800 would give us confirmation to enter short
Upon confirmation we will target higher timeframe support levels as this will be a very large move to the downside