04-Hour Chart
(CLICK O THE CHART TO ENLARGE IT)Pair is definitely bearish. Dailies broke a major bullish trendline (blue line) and a minor one (yellow line) as indicated by the white arrow. Prices just hit the 62EMA (green arrow) with oscillators still favouring the short.
Question is: will we see a bounce back from the bearish move last Friday Dec. 14th? Check the 04-hour chart attached. We have now a clear support at 123.00% fibo projection at 1.4420 but honestly it doesn´t seem to hold much. That´s the problem with fibonacci retracement/projection levels: you never know when they will finish...
At the 04-hour chart you´ll also see a major support at 1.4350 which is exactly the same fibonacci levels as below:
# 138.00% projection down move 1.4966 to 1.4523. See white fibo lines
#61,80% retracement from up move 1.4122 to 1.4730. See brown fibo lines
# 38,20% fibo retracement from major up move 1.3358 to 1.4966.
All of these are golden fibonacci ratios and perfectly coincides. So 1.4350 is a major support. I bet in a bounce back before bearish trend resumes.
BUY at opening at 1.4430 if there´s no gap with STOP 1.4400 and LIMIT 1.4500
SELL failure 1.4500 with tight 20-pip stop and LIMIT 1.4350
SELL failure 1.4460 with STOP 1.4485 and LIMIT 1.4350
SELL break 1.4400 with STOP 1.4415 and LIMIT 1.4350
BUY failure 1.4350 with STOP 1.4335 and LIMIT 1.4410
