Fundamentally bullish outlook and strong uptrend. Current in correction wave.
Support based on 1) history, (left in chart), 2) trendlines, 3) fibo
My plan:
1) Initial S/R zone (2011/2015, scroll left in chart) somewhere 8,25 (also fibo .318)
2) 7,6 as support zone: .618 Fibo correction of last impulse up & .382 fibo Correction of Trump trade (bigger impulse). Also R by rising trend line, former resistance now acting as support (red line). And rising bottom of channel (green line). Confluence with gap at 7,59.
Stoch / MacD also dont show support yet, so expect some downside from today 8,01.
If support is found 8,25 / 7,60. Upwards move towards 9 which to mee seems soft R, (history left in chart) and after that 10,20 which has strong R (history left in chart)
If 7,6 area breaks (7,5-7,4), I expect more downside in few steps
1) towards 6,60 (former S/R zones left in chart and .618 fibo of Trump rally major move up)
2) somewhere 5,50-6,00 (former S/R zone and 5,5 fibo .5)
Zoomed out for historic support:
Support based on 1) history, (left in chart), 2) trendlines, 3) fibo
My plan:
1) Initial S/R zone (2011/2015, scroll left in chart) somewhere 8,25 (also fibo .318)
2) 7,6 as support zone: .618 Fibo correction of last impulse up & .382 fibo Correction of Trump trade (bigger impulse). Also R by rising trend line, former resistance now acting as support (red line). And rising bottom of channel (green line). Confluence with gap at 7,59.
Stoch / MacD also dont show support yet, so expect some downside from today 8,01.
If support is found 8,25 / 7,60. Upwards move towards 9 which to mee seems soft R, (history left in chart) and after that 10,20 which has strong R (history left in chart)
If 7,6 area breaks (7,5-7,4), I expect more downside in few steps
1) towards 6,60 (former S/R zones left in chart and .618 fibo of Trump rally major move up)
2) somewhere 5,50-6,00 (former S/R zone and 5,5 fibo .5)
Zoomed out for historic support: