04-HOUR CHART
(CLICK ON THE CHART TO ENLARGE IT)Big bearish move today. Definitely the double-top at 1.3850 marked this huge move. All daily indicators still favour the short. Question is: will we see a bounce back now? We do have two options here:
1) On daily chart 61.80% fibo from up move 1.3265 to 1.3850 is at 1.3490 (see yellow fibonacci lines on daily chart). This is an important fibonacci retracement level because it coincides with the 23.60% of the larger up move 1.2890 to 1.3670 (see blue lines);
2) 1.3525 is 161.8% of up move 1.3648 to 1.385 (yellow fibo lines on 4-hour chart).
Also on the 04-hour chart prices are too far away from fast 6-period EMA. So, follow-up on the 30 and even 05-minute chart to enter long to get this bounce back or, if I´m wrong, sell a break of 1.3525 with tight 15-pip stop with target 1.3490.
