Price bouncing off from the daily channel support. Possibility of upward move.
Divergence can be seen in the Daily and 4 hours chart signalling an end of momentum for the downward move. The 4 hour channel resistance has been broken.
Current upward move can be wave 1 of wave c of Z.
Possible retracement to 0.767-0.77 in wave 2 (fibonachi levels 0.618 - 0.768) before the upward move in wave 3.
Probably buy opportunity in wave 3 after the retracement in wave 2.
Entry point: 0.781 (above wave 1)
or 0.7760 (above wave 4 of wave 1)
SL: 0.7615
TP1: 0.7885
TP2: 0.796
TP3: 0.805
Divergence can be seen in the Daily and 4 hours chart signalling an end of momentum for the downward move. The 4 hour channel resistance has been broken.
Current upward move can be wave 1 of wave c of Z.
Possible retracement to 0.767-0.77 in wave 2 (fibonachi levels 0.618 - 0.768) before the upward move in wave 3.
Probably buy opportunity in wave 3 after the retracement in wave 2.
Entry point: 0.781 (above wave 1)
or 0.7760 (above wave 4 of wave 1)
SL: 0.7615
TP1: 0.7885
TP2: 0.796
TP3: 0.805