RETRACEMENT LEVELS ARE IN CONFLUENCE WITH BOTH UPWARDS TREND AND DOWNARDS TREND. WITH .618 RETRACEMENT AND -27% FROM DOWNTREND (D1) 78.8'% RETRACEMENT LEVEL IS ALSO IN CONFLUENCE WITH DOWNWARD TREND -61.8 LEVEL. BOTH LEVELS ARE SIGNIFICANT AND IF PULLBACK OCCURS AND EITHER OF THESE LEVELS HOLD WE CAN EXPECT PRICE TO LAUNCH UPWARDS TOWARDS ITS 4HR RESISTANCE ZONE -27% TARGET OF 111.60 (MONTHLY RESISTANCE ZONE)
OVERALL MOMENTUM IS TO THE UPSIDE. IF BUY IS ACTIVATED STOP LOSS SHOULD BE PLACED 10-15 PIPS BELOW 78.60% RETRACEMENT LOCATED AT 109.70.
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