The battle of MACD + Stochastic vs Fibonacci traders is still going on within support resistant area at 1.4453 and 1.4346. Some traders will follow the MACD and Stochastic signal whereas others will follow fibonacci making the pair fluctuating within the area to look for confirmation to continue the big downtrend.
At this point it is very difficult to determine the trade using technical indicators because it will not work at any accuracy level. At support and resistant both point is look so convincing that they will break either side. However it didn't happen like that. Every time it reaches the support and resistant point it will bounce back, because of traders are looking for the right signal to continue.
Review of this situation is as follow
1. Daily Stochastic UP while MACD down (creating balance of power that create the fluctuation
2. Weekly time frame both MACD and Stochastic are down - confirmation that the pair still looking to continue the intermediate trend downward.
At the present point 1.4347 the pair is struggling to break it but we will if traders are confident to do so. If it does then go down back to 1.4277 is the likely place. Bounce back 1.4453 is not impossible either and this is proven by the previous days movement.
For now we will wait for the clear path before entering the market.
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