So have been looking at other possible ways this pair could move.
Now if we look at the Monthly Chart we have had our Double Bottom and impulse leg up and a start of a retracement. And will be looking for the 618 retracement to get long.
This idea is all speculation but just a look at a possible path to how we might get there. So from the 4 hr chart we have seen some bullish movement and I feel that we will see a bounce up to previous highs of around the 0.79064 level. This would give us our double top on the daily and for this to be a 2618 type trade we are going to be looking for that impulse leg down to the 618 level and then the bounce up.
As you can see with my trend line it shows where the 618 level on the Monthly retracement would be which imo would also be a fair assumption of where we could see this double top retrace to and then bounce.
Now if we look at the Monthly Chart we have had our Double Bottom and impulse leg up and a start of a retracement. And will be looking for the 618 retracement to get long.
This idea is all speculation but just a look at a possible path to how we might get there. So from the 4 hr chart we have seen some bullish movement and I feel that we will see a bounce up to previous highs of around the 0.79064 level. This would give us our double top on the daily and for this to be a 2618 type trade we are going to be looking for that impulse leg down to the 618 level and then the bounce up.
As you can see with my trend line it shows where the 618 level on the Monthly retracement would be which imo would also be a fair assumption of where we could see this double top retrace to and then bounce.
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Reached the Double top area and previous support and how can see bearish signs for the move down