Hello traders and nice to be back with you on this Monday October 24th, 2016. As we like to do every Monday, We have a chart that had some nice price action in Asia to the downside and we are looking for an aggressive pull back. I have placed the Fibonacci tool on the chart and would like to see this come to the 38.2 level at the price level of 1.0905. I would then look for a bearish candle formation and look to enter this trade in the direction of the trend. I am looking to take profit at the support zone at the price of 1.0856. Traders watch for the 55 EMA [ blue line on chart ] as we can see a confluence and price might make the turn down from there and not going to the 38.2 Fibonacci.
Thank you traders and we will talk soon……William