The corrective downtrend is still dominant. As Long as this trend is active, the next TP could be the last low @ 0.7276. Trading below that TP means aiming 0.7237. Trading below 0.7237 means aiming 0.71 If the Pair can break through the resistance at 0.7364 (Action Point), the shortterm downtrend would break. Next TPs on the upside are 0.7381 (blue 38,2 fibo) / 0.741 and 0.757
Comments are welcome -Agree or Disagree!
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Comments
NeoSalvo
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I like this chart. Its interesting to see a different perspective. I entered long on this chart.
What I also noticed from your chart. The missed daily pivots are close to Fib Retraces that I show on my chart.
The_Cannalyst
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Hi NeoSalvo - thats it , it is always very interesting to se, what others are seeing/trading :-) You are an anticyclical Investor. For me, the present decision point is 0.7364. Above that Level, i also would prefer the shortterm longside. THX
NeoSalvo
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That's fascinating, thank you for the observation.
The_Cannalyst
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Now we have reached the mentioned Action Point ..thge rsi signs that we are overbought - a short consolidation should be exspected at that Level
The_Cannalyst
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PA-FX
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I hope i wasn't too early here :)
The_Cannalyst
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That`s really nice...but isn`t it useful to adjust the stopp to the last low?
What I also noticed from your chart. The missed daily pivots are close to Fib Retraces that I show on my chart.