hunter wrote:i'm new to this instrument and only understand it a bit.. Kuya yeahbah help naman po..
The price bounced off 38.2% means a bull run right?
what happens next? does it, theoretically, come down and test it again and bounce back to 100%?
Yes, it bounced off 38.2% -- That means a possible continuation of the up trend but of course it must break that resistance line. Like beast_master, I would wait for a healthy pullback before going in.
As for the where it would find support, it might pullback to 1.6121 or somewhere near that level (see my previous chart).