Using the formation, price has already entered our PRZ whilst testing a strong level of daily support! Since this level has been tested previously we have every reason to believe history will repeat itself (see below for support). Should this support be broken, we would see a clean break down to the supporting weekly (also see below). We will assess the on the 1 hour and 4 hour chart for confirmation of our entry.
This week we're awaiting releases on CPI for Europe, which will also be monitored closely should we not have already entered before this release.
Shark Ratios are as follows:
C = 1.13-1.618
D = 1.618-2.618
X to D = 0.886-1.13
As always, risk:reward should be 1:2 minimum- in this case 1:3.
Keep an eye on this one guys; I'll update as time progresses.