This pair has been in a bullish uptrend since Septermber 2014, abiding by a nice structure of higher highs and higher lows.
During April and the beginning of May the pair was in consolidation, whilst being capped by a triangle formation. Since then the pair broke out of this formation and reached what would have been a target for many, the previous high of 2.0024 (0% fib). Price has now retraced to the 23.6% fib, with a potential for a hanging man formation at this level on the daily time frame.
This pair is expected to see a new higher high, if price does show bullish price action around the current zone. A position can be added if bullish pa is seen around the counter trendlilne in the hourly chart.
During April and the beginning of May the pair was in consolidation, whilst being capped by a triangle formation. Since then the pair broke out of this formation and reached what would have been a target for many, the previous high of 2.0024 (0% fib). Price has now retraced to the 23.6% fib, with a potential for a hanging man formation at this level on the daily time frame.
This pair is expected to see a new higher high, if price does show bullish price action around the current zone. A position can be added if bullish pa is seen around the counter trendlilne in the hourly chart.
