After exiting its downtrend channel and uptrend channel earlier today, one could say that the pair is within a horizontal channel.
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The pair made a consistent bull run after the US GDP negative data release. It might retest the higher high or the 1.1850 area.
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The price retested the higher high at 1.1960. If it moves downwards it will create a double top otherwise bulls could do another run of 50-60 pips.
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The bulls did make another 50 pips run but it might have cooled down as bears have kicked in.
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A strong dip has occurred today. Could this be a sign that bulls a losing ground?
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a - are*; The dip has continued today.
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The price almost reached bears' 3rd tp area but was rejected by the 200SMA on H4.
Trade closed: target reached:
