The pair is in its 5th wave extension. I believe that the pair will find resistance when it reaches the 1.57 region. It is now trying to reach that level but is facing some resistance as it is dead smack at the top part of the trend line. A correction lower is still possible here and we can see the pair retracing back to the bottom of the trend line channel before going higher.
I am neutral on this pair right now as I think the risk reward ration is not too great right now.
I am neutral on this pair right now as I think the risk reward ration is not too great right now.
Founder of www.ProTradersNetwork.com, home of the TMG Titan traders who uses TMG Titans Pro Tools developed by Ardy.
TMG Pro Tools (MT4) includes: TMG Grid Master Pro, Titan Ranger, Grid Calculator, Titan Timer and TMG Livewire Pro
TMG Pro Tools (MT4) includes: TMG Grid Master Pro, Titan Ranger, Grid Calculator, Titan Timer and TMG Livewire Pro