Red line:
Currently we are going short hitting out first target of 1.12642
- It could retest up to around 1.13190 because the previous resistance area (June 17,19 ) around the 1.12485 got rejected and then made a breakout move creating a new high
Why would it hit a retest and drop
1) it will hit the 0.5 Mark on the Fib retracement to retest but then around the 1.13181 area is now resistance
2) its a double top and it could possibly hit 1.12436 area
3) the bounce up creating a new high and a confirmed uptrend
4) Mac-D indicator 2HR both lines are currently touching = New Trend is forming
(Ignore Blue lines)
Im not a professional trader
I am not responsible for your losses if you do end up trading this idea
Thank you for taking the time to read this Dont forget to like if you do agree !
Currently we are going short hitting out first target of 1.12642
- It could retest up to around 1.13190 because the previous resistance area (June 17,19 ) around the 1.12485 got rejected and then made a breakout move creating a new high
Why would it hit a retest and drop
1) it will hit the 0.5 Mark on the Fib retracement to retest but then around the 1.13181 area is now resistance
2) its a double top and it could possibly hit 1.12436 area
3) the bounce up creating a new high and a confirmed uptrend
4) Mac-D indicator 2HR both lines are currently touching = New Trend is forming
(Ignore Blue lines)
Im not a professional trader
I am not responsible for your losses if you do end up trading this idea
Thank you for taking the time to read this Dont forget to like if you do agree !