I'm say to sad that the we needed did not show up to break the current downtrend.
On the 1 hour chart we have crossed over to a brearish state again, and we can see the shape of a pattern appear.
We will go probably go down a bit, but the question is how much, and when to re-enter again.
I have mapped out some possible scenarios, or rather entry points to enter a long position again.
The first would be right above the blue dashed line, where we ran up from to take a second stab at 700€ which got violently rejected.
The second entry point would be at the very bottom in the blue box, where we initiated the uptrend rally.
The third (pick your poison) could be anywhere inside the green box named 1-3 where moves was made.
However, the most feasable option would be to verify a (this carries the least risk and most reward) at the low area end where we started the uptrend (purple line).
Good luck trading
I'm still staying on the sidelines and waiting for a breakout confirmation before getting back in.
6h MA is flat but slightly bullish favor on the hourly, MACD is showing bearish signs.
We have continued to make lower lows and lower highs, so all the signs point to a reattempt at the lower support levels very soon.