We have price ranging in a downward channel and price being rejected at the downward trend line. We have a possible Bullish Harmonic pattern forming so we can look to trade leg C to D. We have a rising wedge reversal pattern with 3 trendl line bounced in confluence with the bearish candlesticks confirming our downside direction. We have oversold both on the stochastic and RSI which provides us with further confluence. The 50 and 200 EMA is acting as magnetic support in the target 1 area.
Once each target is met we must manage our trades and distinguish if our next targets are still valid.
Stops should be places around 92.750. A break and close above this level would mean this trade is no longer valid.
Once each target is met we must manage our trades and distinguish if our next targets are still valid.
Stops should be places around 92.750. A break and close above this level would mean this trade is no longer valid.
Comment:
Not oversold Overbought***