Retest of a level in conjunction with the EMA
The pair is back at the previous swing low which has provided support at least twice (zoom out to 4H TF)
This level is also a Fibonacci level in confluence with the 50EMA which has been tested twice and provided resistance (1H TF)
Action Plan:
- Wait to see if the price will respect level and bounce back or break out of the level.
- If price breaks to the upside, I would expect the price to go up to the 75.95 level where the price has stalled and served as resistance (zoom out 4H TF).
- If price finds resistance on the level, we can take short trade down to the current swing low, or trail stop to the lows of the Daily which is the 74.38 - 74.23 level
Things to look at:
- 1H TF is currently on the OB level
This level is also a Fibonacci level in confluence with the 50EMA which has been tested twice and provided resistance (1H TF)
Action Plan:
- Wait to see if the price will respect level and bounce back or break out of the level.
- If price breaks to the upside, I would expect the price to go up to the 75.95 level where the price has stalled and served as resistance (zoom out 4H TF).
- If price finds resistance on the level, we can take short trade down to the current swing low, or trail stop to the lows of the Daily which is the 74.38 - 74.23 level
Things to look at:
- 1H TF is currently on the OB level