On the daily chart below, price attempted twice to break the 1.52975 level unsuccesfully and we can now draw the move from 1.47974 to 1.52975 as the basis of our fib play. Friday the price moved back to the 23.6 1.51795, I called it as 1.518 as the level corresponded between both my ass chart and the fib retracement and the ma's indicated a short setup at the time on H1
The H4 below shows me that the 25sma is still indicating a bullish direction so this tells to me that we are entering an area of consolidation/continuation. I expect a range to form between 1.51795 and 1.522, a break of either will confirm the direction of the price from here.
I am leaning towards a continuation to the down side with a target of 1.51, as indicated by the 38.2 fib and by my ass chart from two weeks ago. I would want to see a leveling off of the 25sma on H4 to confirm that direction and am planning on a short this side of 1.52 with a TP of 1.51.
The H1 below is confiriming to me that a short entry is the right one here once the continuation pattern has been completed. I entered a short last week at 1.525 (when the 150sma was crossed on the M15 and the 25sma on M30 held) and took my profit at 1.51925, before my target of 518 as I felt that the volatility would not support a guaranteed move to my ass level because of the holiday.
I am now looking at a new short entry based on the M30 (using the M15 and M5 for my entry point) below once I see the interaction with the 25sma around 1.52. The downward curve of the channel on M30 supports bearish continuation for me so far. For this play to continue the 25sma on M30 will need to remain above the price and I don't want to see a close on M30 above 25sma, if the close happens once I have entered a trade this will signal my exit for reevaluation, unless the M15 indicates a continuation.
My further targets for the week are 1.51065, 1.50475 and 1.49649. A confirmation of this will be a H4 close below the 25sma and a reversal of my curved channel on H4 to realign with the daily. (so far the H1 and M30 have realigned themselves with the daily and I expect the H4 to follow on Mon-Tue, unless 1.52975 does not hold) I will assess each level once reached to look for confirmation of continuation or reversal, one step at a time.
Of course for all this to take place, 1.52975 needs to hold and 1.51795 needs to give, if it doesn't I will revise my plan to reflect outside levels to include 1.53463 and 1.55209.
During the week I will finetune my trading plan using MA's, SR's, TL's and price patterns. The above is my big picture for the week from which I will draw my entries and exits accordingly. I will call my entries here as always, including TP's and SL's.
The H4 below shows me that the 25sma is still indicating a bullish direction so this tells to me that we are entering an area of consolidation/continuation. I expect a range to form between 1.51795 and 1.522, a break of either will confirm the direction of the price from here.
I am leaning towards a continuation to the down side with a target of 1.51, as indicated by the 38.2 fib and by my ass chart from two weeks ago. I would want to see a leveling off of the 25sma on H4 to confirm that direction and am planning on a short this side of 1.52 with a TP of 1.51.
The H1 below is confiriming to me that a short entry is the right one here once the continuation pattern has been completed. I entered a short last week at 1.525 (when the 150sma was crossed on the M15 and the 25sma on M30 held) and took my profit at 1.51925, before my target of 518 as I felt that the volatility would not support a guaranteed move to my ass level because of the holiday.
I am now looking at a new short entry based on the M30 (using the M15 and M5 for my entry point) below once I see the interaction with the 25sma around 1.52. The downward curve of the channel on M30 supports bearish continuation for me so far. For this play to continue the 25sma on M30 will need to remain above the price and I don't want to see a close on M30 above 25sma, if the close happens once I have entered a trade this will signal my exit for reevaluation, unless the M15 indicates a continuation.
My further targets for the week are 1.51065, 1.50475 and 1.49649. A confirmation of this will be a H4 close below the 25sma and a reversal of my curved channel on H4 to realign with the daily. (so far the H1 and M30 have realigned themselves with the daily and I expect the H4 to follow on Mon-Tue, unless 1.52975 does not hold) I will assess each level once reached to look for confirmation of continuation or reversal, one step at a time.
Of course for all this to take place, 1.52975 needs to hold and 1.51795 needs to give, if it doesn't I will revise my plan to reflect outside levels to include 1.53463 and 1.55209.
During the week I will finetune my trading plan using MA's, SR's, TL's and price patterns. The above is my big picture for the week from which I will draw my entries and exits accordingly. I will call my entries here as always, including TP's and SL's.
Attached Images
) I see 1.5380 as the next resistance seeing as be jumped off fibo support (76.40 level) I am looking for it to go to 1.5380 at least before turning South again. If we break 5380 then we can go 5430 or even 55xx area before selling pressure pushes us down but I have alot of doubt whether it will break 5380 level! 
