2 cycles have formed on this pair on the daily timeframe and is on a phase 1 of the third. Price is currently at the 1.618 fib extension measured from the last pullback. I am favouring a pullback and further short after confirmation.
Scenario 1:
Price Pulls back to the last lower low area which is also close to the daily P1 pivot, alongside 20 MA. Then continues downwards towards either, target 1, being the daily S1 pivot.
Scenario 2:
Price pulls back and moves to the downside like above, but instead of bouncing off that daily S1 pivot it pushes through further towards the daily level of support I have market on the chart. This is my target 2.
Scenario 1:
Price Pulls back to the last lower low area which is also close to the daily P1 pivot, alongside 20 MA. Then continues downwards towards either, target 1, being the daily S1 pivot.
Scenario 2:
Price pulls back and moves to the downside like above, but instead of bouncing off that daily S1 pivot it pushes through further towards the daily level of support I have market on the chart. This is my target 2.