There are a few factors I'm watching here:
A. The 23.6% Fib support at 6.43792, which coincides with
B. TL support, which also happens to be
C. A key piece of the Gartley being formed
Price is nearing the apex of the triangle its currently trading in, and risk for longs is clearly defined at these levels: below that trendline on a daily close, and price could see 6.3050 again easily. I wouldn't be surprised to see price bounce inside the triangle for a little bit more before breaking out, but the support levels we are currently near are very important and offer great opportunities to go long. For those with a long-term approach, the Gartley pattern would target nearly 6.8900.
A. The 23.6% Fib support at 6.43792, which coincides with
B. TL support, which also happens to be
C. A key piece of the Gartley being formed
Price is nearing the apex of the triangle its currently trading in, and risk for longs is clearly defined at these levels: below that trendline on a daily close, and price could see 6.3050 again easily. I wouldn't be surprised to see price bounce inside the triangle for a little bit more before breaking out, but the support levels we are currently near are very important and offer great opportunities to go long. For those with a long-term approach, the Gartley pattern would target nearly 6.8900.