Technical analysis 31 march 2020

 

As shown in the image above, one hour’s time frame ، price is  near the bottom of the channel. We currently consider the price target range from 1.1164 to 1.1210, whichis in 61.8 fibonacci level  and strong resistance in this range.

From the wave count standpoint, we are now at the Elliott Wave 4, which can be  1.1017target , which is somehow touched.
Therefore the offer to buy in this range and stop loss below 1.09820 (last floor) with target at1.1164.

In the event of a breakdown of the 1.09450 level, bullish delivery will be discredited and should be short.