This has retraced to support, need to wait for confirmation of a rebound from this level before entering a long. EMA's have cut lower and MACD is on the verge of being bearish so must wait and see how this develops, do not jump in too fast as it could break lower to the previous monthly lows.
If we see the rejection from this level then I am aiming for a more conservative target of 1.22093. Further targets can be the previous high of 1.23496 and a new high of 1.25529.
If this breaks beneath current support then wait for it to reach the previous monthly low before looking for any long entries.
If we see the rejection from this level then I am aiming for a more conservative target of 1.22093. Further targets can be the previous high of 1.23496 and a new high of 1.25529.
If this breaks beneath current support then wait for it to reach the previous monthly low before looking for any long entries.