Momentum is currently bearish long term and mid term. Price action is in a mild downward channel ranging mid term sitting at 0.236 fib support zones from leg d of the previous abcd. Looking for a small push up towards upper channel resistance which would make a nice head and shoulders pattern to get in short at 106.415. If price level hits I will be looking for a profit target level around 1.618 and lower channel support levels at 104.807. There could be a breakout of upper channel from support at 105.5 that could turn the trade into a long but if it stays within range shortside is active. Looks like a possible wedge forming if we break above the short term steep downward trendline.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.