Resistances:
- 120.38 = .382 retracement
- 120.82 = .50 ret
- 121.27 = .618 ret
- 121.90 = .786 ret
- 120.82 = .50 ret
- 121.27 = .618 ret
- 121.90 = .786 ret
However if the price reverses to the downside from 120.14 and breaks below 118.94, the immediate supports will be Fibonacci expansions off 127.25-119.31-122.71, 122.71-118.94-120.14.
Supports:
- 117.81-80 = confluence area of two contracted objective points (COP)
- 116.37 = objective point (OP)
- 116.37 = objective point (OP)
Overbought/Oversold
Assuming that the major wave is now moving down it's preferable to try short positions when the Detrended Oscillator gets above the zero level (current prices) or into the overbought area (20-30 pips above the current prices).
No comments:
Post a Comment