Breaking down this pair, I saw this nice setup form on the daily time frame.
Price looks to have put in play the A, B and C pattern ready to rally down and complete the D leg. I can see a daily bearish engulfing candlestick has formed after some daily fibonacci rejection.
Zooming in on the 4 hour and hourly time frame, we still have not broken and closed below the counter trend line, If I see a close below this CTL I would then be looking for an hourly retrace back to the previous higher low level, confirmed with a hourly bearish candlestick pattern to enter short and target the fib play to be completed. Targeting 1.66163.
Price looks to have put in play the A, B and C pattern ready to rally down and complete the D leg. I can see a daily bearish engulfing candlestick has formed after some daily fibonacci rejection.
Zooming in on the 4 hour and hourly time frame, we still have not broken and closed below the counter trend line, If I see a close below this CTL I would then be looking for an hourly retrace back to the previous higher low level, confirmed with a hourly bearish candlestick pattern to enter short and target the fib play to be completed. Targeting 1.66163.