Following a back to back Contracting Triangle (with internals a-b-c-d-e ), wherein point-e offered a significant point of departure, we are now looking at a potential range-bound play, as defined by the underbelly from the first a-c Line extension on the upside, and a double-bottom support extended forward from similar 10 AUG and 23 AUG rejection levels.
Note that the a 0.618-Fibonacci level corroborates the upside resistance narrative near 2.4278. Also, worth heeding is relative to its own resistance , which may or may not guide us in following the ensuing price action.
We will continue to follow this play with the expectation that price might be range-bound in the most immediate time horizon, with a net-bearish outlook for this pair.
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However, here is what I am confident, in terms of anticipated price action (not based on the Predictive/Forecasting Model, though) - See chart and following comment:
First, price has retraced up to a significant 0.38.6 Fibonacci handle, it them pierce through the from from whence it came ...
Second, this means that a rallying to higher highs is LESS probable ...
Third: However, I have left that large arrow to indicate a likely rallying and reversal back to lower lows ...
And fourth and final, the projection remains in the vicinity of the original targeted zone, which represents a 1.414-Fib extension handle.
This is the best probable scenario I can anticipate at this time (again, probable but never certain).