Positive confluence:
- Key support line - quadruple bottom
- Last two deflections with beginning of bullish MACD divergence
- Break of both downsloping trend lines (longer and short term) and wedge/triangle formation
- Move above 1H 50EMA and pivot with bullish candle
- False break out and retest of key support yesterday, bouncing off S2 with low test candle
- Daily support at 0.5Fib retracement of long term move lower (May 2015-Nov 2016)
- Weekly support with tweezer bottom formation, likely forming third low test candle
Negative confluence:
- 50EMA below 200EMA
- No break and retest of trend lines
Stop loss - below false break out yesterday 111.860
Target - key resistance of channel at 115.333
R:R 1:1.75
- Key support line - quadruple bottom
- Last two deflections with beginning of bullish MACD divergence
- Break of both downsloping trend lines (longer and short term) and wedge/triangle formation
- Move above 1H 50EMA and pivot with bullish candle
- False break out and retest of key support yesterday, bouncing off S2 with low test candle
- Daily support at 0.5Fib retracement of long term move lower (May 2015-Nov 2016)
- Weekly support with tweezer bottom formation, likely forming third low test candle
Negative confluence:
- 50EMA below 200EMA
- No break and retest of trend lines
Stop loss - below false break out yesterday 111.860
Target - key resistance of channel at 115.333
R:R 1:1.75