As we reach this substantial level of 61.8 for this pair, we have two alternate opportunities available.
(1) Break of 151 level & retest of ~150 support zone.
or
(2) Immediate retracement, 151.63 breach & ultimate retest of yearly highs. From this level, we could also see a right shoulder being formed.
My personal bias is short for the time being on this pair. Retest of support zone and then retest yearly highs. Currently this pair does not have the strength it needs for bullish movement. However, both levels this pair needs to breach are quite substantial.
(1) Break of 151 level & retest of ~150 support zone.
or
(2) Immediate retracement, 151.63 breach & ultimate retest of yearly highs. From this level, we could also see a right shoulder being formed.
My personal bias is short for the time being on this pair. Retest of support zone and then retest yearly highs. Currently this pair does not have the strength it needs for bullish movement. However, both levels this pair needs to breach are quite substantial.