Summery:
Primary Trend: Bearish (see last red dot)
Secondary Trend: Bearish (see last zigzag same of red dot)
Resistance: 1,40360 (FIBO 100)
Support: 1,29734 (FIBO 161.8)
Comment: Downtrend from primary is trying to find a support on FIBO 100. We see on current bar that probably we are at the down peak of secondary trend and we may see a correction from primary that could bring prices till FIBO 61.8. Price are at the moment still inside the oversold zone and if quotations will turn back under FIBO 100 we may see a continuation of downtrend till Support level.
Suggestion:
Considering that primary trend is bearish (last red dot) for thoose who
have short positions I suggest to keep it till the formation of a new
down peak (new red dot). Otherwise stay neutral till price breaks down
FIBO 100 or turns back to FIBO 61.8 to enter short.
Good Luck!
