The price have been in a long downtrend, and are consolidating through a rising wedge.
A rising wedge is functioning as a consolidation formation. In this case, the rising-wedge is indicating an end of the downtrend, as (e) is at the support line, and could break the resistance line in the wedge.
While a break of the support line could trigger a new downtrend for the pair. where 130.620 area will be the first stop, before a retracement back to the support line, which will be the new ressistance.
i expect the price to swing low to 131.120 than swing high to 132.500 where my TP1 will be
Good luck :)
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We have for a short trade.
1. Regular bearish divergence which the price can complete the rising wedge pattern, ending at (e)
2. Rising wedge with the last wave to come.
3. low macroeconomics data this week. with only machinery orders which is expected to be much lower than previously
____
Long trade.
1. Ring wedge, with entry at (e) second option is to take trade when it breaks the resistance
2. Macroeconomics data from Japan Wednesday, which is expected to be much lower than previously.
A rising wedge is functioning as a consolidation formation. In this case, the rising-wedge is indicating an end of the downtrend, as (e) is at the support line, and could break the resistance line in the wedge.
While a break of the support line could trigger a new downtrend for the pair. where 130.620 area will be the first stop, before a retracement back to the support line, which will be the new ressistance.
i expect the price to swing low to 131.120 than swing high to 132.500 where my TP1 will be
Good luck :)
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We have for a short trade.
1. Regular bearish divergence which the price can complete the rising wedge pattern, ending at (e)
2. Rising wedge with the last wave to come.
3. low macroeconomics data this week. with only machinery orders which is expected to be much lower than previously
____
Long trade.
1. Ring wedge, with entry at (e) second option is to take trade when it breaks the resistance
2. Macroeconomics data from Japan Wednesday, which is expected to be much lower than previously.