We see that price bounced oh so nicely off the 61.8% fib level. What a beautiful move! We see also that price is respecting the trendline as noted. I bought this pair at the noted area, where I saw the retest right along the trendline and double bottom candles. I can see what may be the beginning of a potential teacup; however, this is a little ways off. We see that price has the potential to reach previous highs recently. We currently see indecision with pricing around the current levels (historical spinning tops), so we may see a push down before price surges higher. As always this trade is for demonstration and educational purposes. Trade at your own risk.
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Basis is that price action is rejecting the 50% fib level and is violating the trendline. We must observe price action and be ready to change outlook if needed. I am a student of the market.
