On this smaller TF its evident we are going to retest the TL before heading lower to complete the AB=CD or continue higher to complete the Cypher pattern before heading lower After retesting the TL we could see us heading to Lows of the channel which is in confluence with Bigger picture -The MA's have crossed so i'm in favour of the breakout retest continuation...
After the clean break of the TL -we could see a retest before continuing lower to put in a LL at the bottom of the channel -currently we can see 2 AB=CD patterns -We may move down on the level we're at now as we're at a key monthly level and .618 of smaller AB=CD. -but i think we are going to see a retest of the TL which is in confluence with the larger AB=CD...
A close above both Weekly Key level 0.73551 and EMA will warrant a long trade. 0.755 is a key area to monitor for possible retest of LONG term trend line before continuing lower to make LL. Moving average also is acting as resistance around this level. 0.755 is also .618 fib extension.
Ultimately i'm Bullish (Longer Term) A clean break of the trendline will warrant a short to 1.53. At 1.53 I will monitor PA to determine if we will pull back and complete AB=CD to 1.555 Or Continue lower to 61.8 of bigger AB=CD at 1.52 whereby a long will be executed to 1.56 *At 1.52 if PA confirms further downside, I will short to Monthly key level at 1.50000