NOT A WIZARD JUST A TRADER WAITING FOR MORE EVIDENCE ..
After a failed attempt of breaking a major resistance at 1.14029 ( indicating a significant opposing pressure on that level ) the bears have managed to start what seems for now a descending channel. I want to see the price retrace to the nearest resistance at 1.12582 to form a new lower high, and signs of rejection on that area between the 50 and 38% fib level before going short. if the price will break any higher than that It could be a formation of a range and the price could push back to the major resistance at 1.14029.
After a failed attempt of breaking a major resistance at 1.14029 ( indicating a significant opposing pressure on that level ) the bears have managed to start what seems for now a descending channel. I want to see the price retrace to the nearest resistance at 1.12582 to form a new lower high, and signs of rejection on that area between the 50 and 38% fib level before going short. if the price will break any higher than that It could be a formation of a range and the price could push back to the major resistance at 1.14029.