Looking for a short setup here as price is showing signs of further bearish movement:
- 38.2 % fibonacci retracement
- test of supply or resistance zone (3 touches, last one lower high)
- retest of 55 and 34 EMA's
- weak reaction off trend line support, signs of potential breakdown
- end of elliott correction wave b at fib retracement
Looking for a 4:1 risk reward trade here to the next fresh demand level at 1.72
- 38.2 % fibonacci retracement
- test of supply or resistance zone (3 touches, last one lower high)
- retest of 55 and 34 EMA's
- weak reaction off trend line support, signs of potential breakdown
- end of elliott correction wave b at fib retracement
Looking for a 4:1 risk reward trade here to the next fresh demand level at 1.72