The EURUSD looks like it respects his patterns. We can see that on the uptrend he has respected very well the trend line, but it has 3 rejection lines depending on the speed of the trend. The trend line has rejected the price 4 times until now, and it is in place since July last year, meaning it is important. The price has remained a good period of time under the first rejection line. From this view it is quite possible that the down move is not yet finished and could go back down to the trend line at some point (maybe after retesting the 1st rejection line). After that it should be quite easy to follow the signals.
- if the optimism will remain at a higher level, maybe we will have another impulse for this current trend;
- if the trend line will be broken, then the price might fall back to 1.3000.
We should not forget the RSI(28) that seems to consolidate in an ascending triangle.
- if the optimism will remain at a higher level, maybe we will have another impulse for this current trend;
- if the trend line will be broken, then the price might fall back to 1.3000.
We should not forget the RSI(28) that seems to consolidate in an ascending triangle.