I am medium term bearish here so I’m looking at this from the angle of finding good entry levels to sell at and add to my existing short position. We have a solid top forming now below .6900 (remember the big golden Fibo comes in at .6945) and we then saw a sharp fall on the hourly chart which has happened in 3 waves thus far. A break below last nights .6720 low then automatically ensures a 5th wave and the possibility of a decent medium term down move establishing itself.
If I want to add to shorts or if I were long and a little unsure of my position, I would be looking to sell at .6780 and then at .6820. These are the 38.2% and 61.8% of last nights fall and the latter will also be approximately where the hourly trend line comes in, giving it added strength.
