Completion of ABCD and a possible Double top
Hello traders,
With action waning out a little with holidays around, we are looking at a mid term prospect on this pair. I see two moments here. One is, it has completed the ABCD target as shown in the figure and also it looks like a possible Double top. It is still not enough reasons to believe if there is a trend reversal on the cards, but one thing we know is, whenever there are targets achieved, there will be some sort of respect for these levels and market tends to take a breather before proceeding in any particular direction.
We still do not have a very clear entry point to this trade, but in my opinion, there is a possibility that the pair might move ahead to retest the yearly highs and if that happens, it may well give us the most advantageous entries. If there is a collapse, we will look at an entry below 1.9095 because that could well be a triggering point for a volatile move down.
We will keep an eye on this and see where we can hop in!
Happy trading and happy pippin!
With action waning out a little with holidays around, we are looking at a mid term prospect on this pair. I see two moments here. One is, it has completed the ABCD target as shown in the figure and also it looks like a possible Double top. It is still not enough reasons to believe if there is a trend reversal on the cards, but one thing we know is, whenever there are targets achieved, there will be some sort of respect for these levels and market tends to take a breather before proceeding in any particular direction.
We still do not have a very clear entry point to this trade, but in my opinion, there is a possibility that the pair might move ahead to retest the yearly highs and if that happens, it may well give us the most advantageous entries. If there is a collapse, we will look at an entry below 1.9095 because that could well be a triggering point for a volatile move down.
We will keep an eye on this and see where we can hop in!
Happy trading and happy pippin!