By ForexTime
This represents a downtrend that could send prices toward the weekly support level of 80.45. However, bulls have the potential to jump back into the scene by starting a correction wave with their goal none other than the weekly resistance level at 84.47.
The H4 chart confirms that the bears are in charge with a downtrend in progress. Bulls started a correction wave in the downtrend with both the Parabolic SAR indicator and the Moving Average Convergence Divergence (MACD) oscillator sanctioning this direction.
Attaching a modified Fibonacci tool to a trigger level near the last lower bottom at 81.46 and dragging it close to the top of a large bearish candle at 83.94, three possible targets can be established:
If the price at 83.94 is broken, this scenario is no longer relevant.
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