Potential target 1.5800 -> 1.51080
- Weekly candle shows neutral momentum - A morningstar-like candlesticks pattern, However, the latest candlestick did not close above the 50% of previous Bearish engulfing bar, so it is not a valid morningstar.
- Bearish reversal daily candle close below daily resistance level, which is also Fibonacci 38.2% retracement level.
- Price pulled back from a newly formed lower low.
Thoughts :
Price may flirt around the resistance level & the falling trendline for sometime now.
Idea :
Look for low risk shorting opportunity in lower time frames later after London open session.
- Bearish reversal daily candle close below daily resistance level, which is also Fibonacci 38.2% retracement level.
- Price pulled back from a newly formed lower low.
Thoughts :
Price may flirt around the resistance level & the falling trendline for sometime now.
Idea :
Look for low risk shorting opportunity in lower time frames later after London open session.