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Daily Time Frame: EG with a strong impulse to the upside, managed to reach .93000 key monthly resistance and reject all the way back to .87500 also the 61.8 % fib. Before this impulse, notice how price was consolidating and managed to break out. Now price is testing previous support and resistance as new support.
4Hr Time Frame: Scaling down to the 4hr time frame, we can see price starting to slow down by reading the consolidation. Price is testing this area with a double bottom formation. If price manages to close off this rejection candle above, look to buy this up to .90500 key zone. However, if price violates this support zone, look to short this down to .86000 & potentially .83000 key psychological zone. Due to uncertainty of market fluidity, risk management is highly recommended.
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