I had previously analyzed this pair which had formed a bullish Shark pattern and it behaved as expected, hitting my Take Profit level:
The same Shark transformed into a bearish 5-0 pattern, which on the first encounter caused a deep and sudden decline. The area I have shown on the chart is a formidable resistance and if the bulls fail to break it until 19th of October, I think lower levels are awaiting this pair. The trigger for selling should be the break down of the ascending channel.
On the other hand, break up of the resistance area should pave the way for reaching the upper boundary of the channel.
Good luck,
Ali Sharif Azadeh, CFTe
The same Shark transformed into a bearish 5-0 pattern, which on the first encounter caused a deep and sudden decline. The area I have shown on the chart is a formidable resistance and if the bulls fail to break it until 19th of October, I think lower levels are awaiting this pair. The trigger for selling should be the break down of the ascending channel.
On the other hand, break up of the resistance area should pave the way for reaching the upper boundary of the channel.
Good luck,
Ali Sharif Azadeh, CFTe