Currently market is in a complex WXY corrective cycle that has not been finished yet as there are some downward sub-waves missing. Please notice that the price is below 100 and 200 WMA that confluence with wave 1 top and only a breakout higher is bullish.
H4 chart looks like unfinished double Zig-Zag structure inside of wave Y of more complex and time consuming corrective wave 2.
Key short term level for bulls and if broken - first clue of bullishness increasing. The targets for wave 2 bottom are either on 50%Fibo, or, more possibly, on 61%Fibo. From this two levels the failure and rebound should be expected.
ANY BREAKOUT BELOW THE LEVEL OF 0.8547 INVALIDATES BULLISH IMPULSIVE COUNT!!!
Support/Resistance:
0.8981 - 61%Fibo
0.9081 - 50%Fibo
0.9111 - Swing Low
0.9151 - WS3
0.9210 - WS2
Trading recommendations:
Not really a good place to either enter short or long positions as R/R ratio is not attractive at the moment. Refrain from trading until more clear structure will occur.
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