We are hovering near a structure level at around 169.550's.
RSI on daily shows significant overbought condition at the x of this potential 4H Bat-pattern.
If price reaches our Bat's D-completion, the daily chart will most likely have a valid double-bottom as well.
Price has been bearish for a couple of months, breaking and closing below the structure at around 175.100.
My prediction is that this pair is ready for a relief hinted by the recent retracement, and that we might see a retest of the above mentioned structure before continuing down to at least the 160 even handle.
All in all, I consider this Bat a high-probability one, but ofcourse nothing is certain in this business.
So remember, always conduct your own analysis before entering a trade.
RSI on daily shows significant overbought condition at the x of this potential 4H Bat-pattern.
If price reaches our Bat's D-completion, the daily chart will most likely have a valid double-bottom as well.
Price has been bearish for a couple of months, breaking and closing below the structure at around 175.100.
My prediction is that this pair is ready for a relief hinted by the recent retracement, and that we might see a retest of the above mentioned structure before continuing down to at least the 160 even handle.
All in all, I consider this Bat a high-probability one, but ofcourse nothing is certain in this business.
So remember, always conduct your own analysis before entering a trade.
Order cancelled:
Broke our X-leg, so this pattern is now invalid.
Order cancelled:
Correction: Broke our C-leg.