Good morning,
Monday's trading session was thin due holiday in Europe, so, overall picture has not changed much.
On daily time frame trend is bullish. And I still think that our attention should be focus on 1.4450 area - Fib support, pivot point and previous 0.618 Fib extension target. Market should hold above it to prove us that it intends go up further.
Currently only single thing that points on this potential - CD leg is much faster than AB on recent AB-CD pattern. Usually when it happens, market chould reach 1.27 or even 1.618 Fib extension targets.
On 4 hour chart
we see additionally that here is 4-hour oversold and confluence support. 1.618 target from AB-CD move stands at 1.4410. I do not know will market reach it or not, but I suspect that it could touch pivot at least.
On hourly chart
Market has reached 1.27 target of Butterfly Buy. 1.618 stands precisely near the pivot and very probable that market will reach it. Because down moves inside the butterfly are strong. I have no confidence that market should reverse at current levels.
So, as conclusion - wait 1.4420-1.4450 area to enter Long. If market will fall line a stone, move below pivot and hold there - stay flat.
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