And THIS is why I closed out my FXE long position Monday afternoon.
Overnight /6e FINALLY spiked up into the Shark fibonacci pattern reversal zone (White fibs) between 1.1398-1.1557. You see the HARD reversal that followed.
Now we MAY NOT be finished with up on the /6e. Price action is still holding above the 8-EMA on 4-hour, but the bear signals are adding up:
1. Fib pattern completion zone touch & reject
2. Prior chart structure area touch & reject
3. Large inverted hammer at top of an impulse leg
4. Slow Stochastic 12,3 divergence from prior structure
5. SMI-34 in extreme bullish zone
I'll be watching smaller timeframes for reversal lower signals.
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