EJ is in a long term up trend.
The 4 hr chart shows making Higher Highs and Higher Lows.
Price has pulled back to the 61.8% Fibonacci level where it has found support and moved higher again.
There is a nice trend line below supporting EJ also.
Chart below:
On the 60 minute chart price has again retraced to the 61.8% Fibonacci support and the trend line.
Should price break up through yesterdays high I will be looking for a long position.
Should price break the trend line to the down side I will look for a short position.
Chart below:
The Fed Interest Rate decision and Fed monetary policy decision is out at 18:00hrs so the market will remain slow until the news.
Once we get the break, look to capitalise on the this break out opportunity.
I will update again after the news with my trade levels.
Have a fun evening.
Regards
MDT.
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