So let’s consider the buy zones.
BUY ZONE 1) … for scalpers. 138.23-138.31 zone
This may be too late by the time you read this post. But anyhow… here we go.
Fibonacci 38.2%-61.8% of the recent rise. Also note Role-Reversal is at 138.30 ish.
The target should be Fib138.2% (138.57 ish)
BUY ZONE 2) … Day Traders. 138.00 ish zone
Buy from Hourly 21EMA.
BUY ZONE 3) … Day Traders. 137.40-137.80 zone
Take the Fibonacci of Yesterday’s Low and High, and try to buy from somewhere between Fib38.2%-61.8%. Again, the target should be Fib 138.2% (139.00 ish)
Role Reversal area – previous resistance now becomes Support. This is the last resort to be a bull. If this support doesn’t hold, I will no longer be a bull.
As usual, please check for the price action on smaller time frame, before you get into the trades.
YJ Baik – Forex.Today @ Tokyo