Price has came to retest a previous level of resistance in the market. Its appears we have had a fake out above this resistance level before seeing a bearish engulfing candle close back below this level. This also lined up with rejections at a key fib level.
On lower time frames we will be looking for a break of the next level of resistance before considering shorts.
If things develop how we planned and we take a set up, we will be targeting around the 1.368 level.
Let me know what you guys think!
On lower time frames we will be looking for a break of the next level of resistance before considering shorts.
If things develop how we planned and we take a set up, we will be targeting around the 1.368 level.
Let me know what you guys think!