AB=CD and X-A 1.27 extension confluence - potential long trade
Rationale
1.25 round number.
1.25 provided significant resistance previously - hopefully now support.
1.27 Projection of X-A leg comes in around 1.25.
AB=CD also hits similar price area.
RSI bullish divergence (not as strong as I would like to see, but divergence all the same)
Targets
Looking at a retracement up to 1.2583 and potential further movement upwards to 1.2627
Stops
Quarter risk trade minimal stop around 30 points.
1.25 round number.
1.25 provided significant resistance previously - hopefully now support.
1.27 Projection of X-A leg comes in around 1.25.
AB=CD also hits similar price area.
RSI bullish divergence (not as strong as I would like to see, but divergence all the same)
Targets
Looking at a retracement up to 1.2583 and potential further movement upwards to 1.2627
Stops
Quarter risk trade minimal stop around 30 points.