MY REASONING BELOW:
1. MAIN TREND LINE SUPPORT
-DXY IS BEARISH UNTIL WE GET A CLEAR BREAK & CLOSE ON A SIGNIFICANT TIME FRAME ABOVE RESISTANCE TREND LINE
2. FIBONACCI 61.8
-PRICE FAILED OFF OF 61.8 FIB AFTER STRONG ATTEMPTS TO TRY AND BREAK THROUGH
-61.8 WAS ALSO CONFLUENT WITH THE RESISTANCE TREND LINE
3. ELLIOT WAVE THEORY
- *WAVE THEORY EXPRESSED ON CHART*
4. BEARISH NEWS/BEARISH OUTLOOK ON DXY WILL CONTINUE TO DRAG PRICE DOWN
THE HORIZONTAL SUPPORT LINE IN RED WHICH IS HOLDING IS MY ONLY CONCERN AS THIS HAS CLEARLY SUPPORTED THE PAIR 3X
ONCE THIS LINE GETS A CLEAR BREAK PLAY SHOULD CONTINUE NICELY
STOPS ARE PLACED AROUND THE .786 FIB LEVEL TO GIVE BREATHING ROOM
TAKE PROFITS WILL BE PLACED AT THE 1.618 REVERSE FIB LEVELS
THANK YOU
1. MAIN TREND LINE SUPPORT
-DXY IS BEARISH UNTIL WE GET A CLEAR BREAK & CLOSE ON A SIGNIFICANT TIME FRAME ABOVE RESISTANCE TREND LINE
2. FIBONACCI 61.8
-PRICE FAILED OFF OF 61.8 FIB AFTER STRONG ATTEMPTS TO TRY AND BREAK THROUGH
-61.8 WAS ALSO CONFLUENT WITH THE RESISTANCE TREND LINE
3. ELLIOT WAVE THEORY
- *WAVE THEORY EXPRESSED ON CHART*
4. BEARISH NEWS/BEARISH OUTLOOK ON DXY WILL CONTINUE TO DRAG PRICE DOWN
THE HORIZONTAL SUPPORT LINE IN RED WHICH IS HOLDING IS MY ONLY CONCERN AS THIS HAS CLEARLY SUPPORTED THE PAIR 3X
ONCE THIS LINE GETS A CLEAR BREAK PLAY SHOULD CONTINUE NICELY
STOPS ARE PLACED AROUND THE .786 FIB LEVEL TO GIVE BREATHING ROOM
TAKE PROFITS WILL BE PLACED AT THE 1.618 REVERSE FIB LEVELS
THANK YOU