04-HOUR CHART
30-MINUTE CHART
(CLICK ON THE CHART TO ENLARGE IT)The 1.4740/50 price zone looks like a magic resistance level. It´s the 161.80% fibo projection of up move 1.3550 to 1.4280 and the 150.00% fibo projection of up move 1.3356 to 1.4280. Question is: 1.4750 is a Top? I´ll list a few reasons why I believe it is:
# DAILIES:
* Last Friday Nov 09th is a doji with high at 1.4750 which is the 150.00% fibo projection of up move 1.3356 to 1.4280;
* RSI bearish divergence
# 04-HOUR:
* Double-Top at 1.4740/50 price zone, which is the 161.80% fibo projection of up move 1.3550 to 1.4280;
* MACD and RSI bearish divergence;
* last 04-hour candle´s close is below the 05EMA
It´s hard to find entry points for getting short but here they go:
SELL failure 1.4700 with a tight 10/15-pip stop and limit 1.4635 which is a very significant support level, because it´s exactly the same 38,20% fibo of last up move 1.4440 to 1.4752 and the 138,20% fibo projection of up move 1.3356 to 1.4280. Add lots at significant break of 1.4635 with limit at 1.4600 (50,00% fibo of last up move 1.4440 to 1.4752). Add lots at break 1.4600 with limits 1.4560 (61,80 fibo of last up move 1.4440 to 1.4752) and 1.4500.
A break below 1.4500 confirms the end of the recent bullish move, because it´s exactly the 123,60% fibo projection of up move 1.3356 to 1.4280 and the 38,20% fibo retracement from up move 1.4122 to 1.4733.
If I´m wrong, BUY at a significant break at last friday´s high at 1.4750
