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“It is noteworthy that the pair confirmed a double bottom formation last month, and the projected target for the pattern will be met once the 1.1536 level is achieved.”
“However, the weekly RSI is now probing a trend line resistance and, more importantly, is closing in on the graphical level of 50%, suggesting limited upside. 1.1536 will be a key resistance.”
Today is a day of technical deadlines, this could soil the graphics on small TF (be careful). Our area monitor for a possible short entry is always the same: 1.1450 / 1.1500, as well as our target area (around 1.10). If there is this retracement, the range will be very important (400 pips), then you should not be in a hurry to enter, look for the minimum or maximum is not so important, but it is crucial to find the right direction of the trend. Pay attention to US data due out today, could be in favor of the dollar and thus complete the swing bullish.
As I said, nothing has changed, so it would be useless to publish the same chart, while on H1 may be an butterfly in development: