UC has given us accurate setups throughout the month.
This time the pair has broken 2 bullish trend lines. The recent bullish channel (4h chart) was broken and the pair retested its trend line it at the 61.8 fib level.
The most recent drop in the pair resulted in a breakout of a major trend line if we zoom out to the daily chart.
The price is currently being rejected by a S/R level. Adding that to the RSI divergence spotted on the 4h chart, I'm expecting a retracement towards the 38.2 Fib Level (105 pips move), which will also result in a retest on our major/daily trend line.
If it bounces at this level, I'm expecting a long term drop in the pair.
This time the pair has broken 2 bullish trend lines. The recent bullish channel (4h chart) was broken and the pair retested its trend line it at the 61.8 fib level.
The most recent drop in the pair resulted in a breakout of a major trend line if we zoom out to the daily chart.
The price is currently being rejected by a S/R level. Adding that to the RSI divergence spotted on the 4h chart, I'm expecting a retracement towards the 38.2 Fib Level (105 pips move), which will also result in a retest on our major/daily trend line.
If it bounces at this level, I'm expecting a long term drop in the pair.