- Price made a bullish push from the previous low and reached the monthly resistance zone.
- Once price reached an area of resistance, it appears that price formed a double top (which is a reversal pattern)
- I expect price to begin selling and find support at the neckline or break and retest the neckline before continuing to fall and test the previous higher high.
-The testing of the previous high, also aligns with the 50.0 Fibonacci level.
-A test and respect of this level, will create a higher low.
- Once price reached an area of resistance, it appears that price formed a double top (which is a reversal pattern)
- I expect price to begin selling and find support at the neckline or break and retest the neckline before continuing to fall and test the previous higher high.
-The testing of the previous high, also aligns with the 50.0 Fibonacci level.
-A test and respect of this level, will create a higher low.
Stop Loss - 1.04981
Take Profit - 1.01299