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Good morning Traders!

US100

The market is in an uptrend on the Daily and the Weekly timeframes, and it is currently overextended from it’s Moving Averages on these timeframes.

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Drawing the Fibonacci retracement of the latest Daily move, has the 61.8% retracement clustering nicely with the previous Daily Swing High and an area of price consolidation.

I am looking for a pullback to this consolidation area, and for signs that the pullback is over in the form of a reversal setup.

Keeping in mind that if and when the market will pullback from this current point, it will be another touch and a reaction to the upper resistance level at the 15,260 area.

Happy Trading!

Tamar Mehr

Tamar Mehr is a professional trader, neuropsychological trading mentor, FXGlobe Ambassador, and decision-making expert. She’s based in Brisbane, Australia.

Trading Advice Disclaimer:
Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

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