But doesn't that mean this pair rise and fall together, ultimately yes, and since 2009 they have rotated nicely down a rather large descending on the channel which can be seen on the monthly time frame below. What this shows us is that the pair rotated to the North side of the channel with a retest of the channel producing a huge weekly in March 2018 and we've been falling ever since, albeit along the rising until April, when we broke through that longterm and confirmed our move to the downside is in play, and it did it, with a nice fat again, perfect sell signal, AGAIN!
This idea is based on the , again showing a , but since the is a little oversold, wait for a 50% pullback or a sell signal on the 1h time frame, if you don't how to enter, see my link on entries below.
We have our first target @0.965 near the channel center line and at previous support, and the second is after taking profits and letting the trade ride down to the southern edge of the secondary channel.
What are your thoughts?
Patience pays, happy hunting!
For the last few years, the Point of Control has existed within this channel, we've rotated sideways (slightly declining ) for nearly three years, this week there are very little reports that impact the pair (except Crude), so now it's bounced off 0.97395 there is a high probability of moving up towards 0.99, the previous move higher and the minor channel, if it breaks that level, it's a bullish move, otherwise, I remain Bearish overall.