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My last post New Top At 1.3850 did work. The Short trade suggested at the break of 1.3790 worked very well. Prices never got there....Would have made 170 pips so far....
OK, but now where will this current bearish correction end? 1.3630 that is 38% of last up move (1.3265 to 1.3850) is broken already. But MACD just too away from its signal line and RSI also too far away from its Moving Average calls for a pause to the bears. Also, 1.3580 is next major support (62 EMA). Close to it we also have 1.3560, which is 50% fibo of same up move, as support. If both supports got broken, watch for next major one at 1.3490, which is 62% fibo of same up move and 23% fibo of formed up move (see blue fibonacci lines).
Note that 04-hour chart is quite o/s already and 30-minute one shows bullish div. RSI. So I´d bet on a bullish move now.
LONG break 1.3680 and let profits run...
SHORT break 1.3560 with tight stop and target of 1.3490.
