Monthly Price has been reacting to the monthly area of 1/2500 and from my point of view, not been able to adequately surpass this level. November's monthly candle was a shooting star, December was a bearish spinning top with a long upper wick and January put in a hanging man.
Weekly Price action form 2 weeks ago formed a shooting star against 1.2500 followed by a bearish spinning top last week. There is clear indecision and good signs of a reversal to the downside. The completion of this week's candle as a possible spinning top would create a 3-pin formation at monthly resistance.
Daily We've had a few false breakouts with price being unable to sustain itself above a key area of 1.2570. We've also put in a lower high completing today with a bearish shooting star.
H4 Four-hour price action has tried to surpass 1.2570 but has rejected this area forming an evening star. The evening star formation allows us to draw on the second point of our trend line bounce which is in confluence with the strong area of 1.2570 as well as a 61.8% fib level. We've also broken the CTL. Our target at D extension -27% is also in line with weekly support at 1.2250.
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SL moved to beyond BE at 100 pips profit.
Trade closed: stop reached
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Stopped at BE - Yellen's speech changed momentum - I still believe this pair will head down.
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After 2 weeks of consolidation, a news event spike that stopped me out at BE, we have ultimately seen price fulfil our target. 230 Pips drove from our entry.