As shown on the chart, on 4h time frame the pair has formed a rising wedge pattern which is usually a reversal pattern.
In order to be confirmed, a 4h candle must close below the lower trend line around 1.137 which is also 50% fibo level of Jan-Feb down move.
Only a close above the upper trend line around 1.14220 can invalidate this pattern. The first attempt already failed to do so.
Target: From lowest(1.12340) to highest(1.14196) point of the rising wedge projected from the breakout point(1.13700) gives us a target around 1.1180 which is 61.8% fibo level of the 2016-2017 up move.
Good luck and trade safe.
In order to be confirmed, a 4h candle must close below the lower trend line around 1.137 which is also 50% fibo level of Jan-Feb down move.
Only a close above the upper trend line around 1.14220 can invalidate this pattern. The first attempt already failed to do so.
Target: From lowest(1.12340) to highest(1.14196) point of the rising wedge projected from the breakout point(1.13700) gives us a target around 1.1180 which is 61.8% fibo level of the 2016-2017 up move.
Good luck and trade safe.
Ramzi Abou Abdallah, CFTe, CMT
♦️ Subscribe to my telegram channel for daily signals for free, link below:
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♦️ Subscribe to my telegram channel for daily signals for free, link below:
♦️ t.me/accu_trading