3RD line bounce in play. Price action currently in play. Ema currently acting as support. ABCD Formation.
Price action currently forming a breakout retest formation. What price action seems to be doing now is that it has formed a breakout and now in the retest of the counter trend line phase. Now i will be looking to enter on a continuation to the upside of bullish momentum. Price action may or may not hit the fib levels before going higher.
Breakout retest continuation in either direction (Entering on the continuation).
Monthly : Uptrend as price action prints H.H and H.L currently a bullish engulfing candle is being formed suggesting strong monthly bullish closure to the 0.8000 res level. Weekly : Price rejected the breakout to the downside multiple times within the strong uptrend channel. Daily : Morning star formation from the support zone from the range. However there is...
Since price action is stuck in a range within a downtrend i see price either hitting the resistance levels of the Fibonacci tool then going to target levels. OR Price action may just melt straight to the D1 target level which is the support for the range.
Long term perspective. This is either a bounce or break of the trend line situation. Price may head lower to 1.20000 before making that upside movement to new highs.
I did not post but entered intraday take profit got hit however i still see long term bullish momentum.