In the weekly chart you can see price has been ranging within 1.1500-1.0500 since 2015 Q1. Pin bars showed strong resistance in blue area from 1.1350-1.5000.
And Bullish engulfing formed by previous 2 weekly candles can be seen close to 0.618 level.So crucial support area is 0.5-0.618 ratio, from 1.1066 - 1.0936.
If this region act as strong support, price may form a double bottom then goes up to retest the yellow trend line and blue zone, close to 1.1400.
If this region fails to support, pay attention to previous structures and key levels shown in the chart.
In the long run, both gartley and measured move(AB=CD) are possible, depending on whether C point can come out.
So make a plan first then trade what you see!
And Bullish engulfing formed by previous 2 weekly candles can be seen close to 0.618 level.So crucial support area is 0.5-0.618 ratio, from 1.1066 - 1.0936.
If this region act as strong support, price may form a double bottom then goes up to retest the yellow trend line and blue zone, close to 1.1400.
If this region fails to support, pay attention to previous structures and key levels shown in the chart.
In the long run, both gartley and measured move(AB=CD) are possible, depending on whether C point can come out.
So make a plan first then trade what you see!