We can draw a pitchfork
which is encompassing price action since March 2015. In recent days, bears tried to break the lower boundary of the pitchfork
but failed and we witnessed multiple long lower shadows indicating persistent
buying interest. By the way, the time of decision is nearing and if the bears manage to break the 1.1137 support to the downside, the pitchfork
is broken and a bearish
plunge is expected. Otherwise and if the bulls succeed in breaking the 1.128 resistance, I will expect a breakout of the 1.10-1.14 range to the upside.
With NFP coming tomorrow, I think this puzzle will be solved soon.
Ali Sharifazadeh, CFTe