Hello everybody,
looks like retracement has started after hitting of 1.618 4-hour extension target.
On daily chart there is nothing really new - just one thing...
Look at MACD Predictor (red line). Previously I've said that will be watch for Buy signals around 1.4050 and today I find out that MACD will come in play almost precisely in this area. Personally, I do not want to see that daily trend will turn bearish. And if it will happen - it will happen in our focus area - 1.4050. That's why it so important.
On 4-hour chart I do not see any patterns, except the possiblity for 4-hour B&B "Buy" trade, that could start from 1.4125 area. The target of this pattern, as you know already - 0.618 Fib resistance from whole down retracement move. I think it's about 60-70 pips. Nice move for intraday trade. So, if you're intraday trader - you may try to catch it...
But again, major area to watch - 1.4050.