Notice how the red pitchfork parallel line provided support and resistance on the way up from the local bottom. The 109.00 area has a confluence of short-term fibs and a longer term structural contention zone, with 200 daily MA being currently nearby at 109.07. If the price tests this zone and gets rejected breaking the red line, it may be due for a deeper correction at good risk-reward.
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Disclaimer
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.