When we have a look at the longterm Chart we see a clear and very wide downchannel. At the beginning of 2015 we have kissed the downtrend channels bottom @ 1,04. From that Level on we started a Rebound nearly till the Minimum correction fibo (38,2) . here is also based the EMA 200 as a resist. Now the Pair is forming a bearish flag! (blue). This bearish flag will generate a TP at the downside @ below the parity @ 0,965 if it will be triggered.
The cyclical /-or longterm swingview will generate a longterm tp @ the downtrendchannels upper edge @ 1,33! ( Magenta "3"?). On it s way up to that cyclical target several resist zones are based: -EMA 200: 1,135 -0,38 fibo: 1,18 -0,5 fibo: 1,22 -0,618 fibo: 1,26 -Resistance tone formed of former lows between 1,2-1,25
Last but not least - here is the pullback! These days we have seen an overshooting market. The Pair seemed to beat it s strong resistance Zone but this Zone between 1,139-1,15 could not be conquered sustainably at the Moment. The Zone turned again into a big resistance Zone. Prices below that Level turn the Chart again bearish! A possible target at the downside could be the Grey "3" at 1,125 Only Prices above 1,15 will lighten the Chart and generate the TP @ 1,175
Comments
minimax
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Hi TS97.. here is one of possibilities..
Good trading!
The_Cannalyst
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Very nice! I dont exspect an upmove to 1.25. If it was a stock i wollt agree, but not at a forex paar :)
Good trading!