Since its High in April @ 1.38461, we have made multiple attempts at breaking this Support Zone @ ( 1.3627 - 1.3615 )
Acting as a Roof, we have a Falling Resistance where Price tested a couple times then brought False Breaks the past 2 weeks with Price dipping down to this Support!!
Based off the High of April and the Failed Attempt at a Higher High @ 1.37434, we are potentially looking at a Correction Wave!!
Now, for this idea to play out, we need price to make a VALID Break Down below this Support Zone! To then find Lower Support making a LOWER LOW confirming price to continue DOWN!!
Upon which we should see price come up to the ( 1.3627 - 1.3615 ) Support Zone to test as RESISTANCE!! Which then will give us our Selling Opportunities!
Based on the Fib-Ext Tool, we could see price Plummet to the ( 1.33278 - 1.32295 ) Range Target!
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Price breaking through Support was unsustained and we see price moving back up!
Using the Fibonacci tool, I see the ( 1.3647 - 1.3633 ) as my Fib Entry Zone for a SELL!!
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Based on the HIGH @ 1.37434 and current LOW @ 1.36054, price has made a Retracement to my Optimal Fib Entry Zone @ 1.3662 - 1.3654!
SELL ENTRY @ 1.3660 SL @ 1.3685
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ISM Manufacturing Results are IN!
Final ISM Manufacturing PMI - 51.3 Actual v 50.9 Forecast ISM Manufacturing PMI - 48.7 Actual v 49.8 Forecast ISM Manufacturing Prices - 57 Actual v 60 Forecast
This all paints a very BEARISH picture for the USD with the Contraction overseeing Expansion on the Final PMI!
Price is currently breaking down on the way to NEW LOWS!
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Based on my trading strategy, Price is being contained by what I call the "Kill Zone" @ ( 1.3633 - 1.3620 )
If price is unable to Break Lower, we will be watching to see Price make another attempt at my Fib Entry Zone @ ( 1.3662 - 1.3654 ) for possibly another Sell Entry!