Target: 1.5040
Risk: 1.5575
Technical Reasons:
The bullish trend line was broken, and the price settled with a weekly close below it, to begin a short term bearish correction, while settling below 23.6% Fibonacci level opens the way to head towards the next correctional level at 1.5335.
The price is about to complete a double top pattern, its neckline is located at 1.5445, and this pattern will reinforce the expectations of more bearish correction, while the targets extend to 1.5040.
The exponential moving averages 50 and 100 put negative pressure that supports the negative outlook.
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Risk: 1.5575
Technical Reasons:
The bullish trend line was broken, and the price settled with a weekly close below it, to begin a short term bearish correction, while settling below 23.6% Fibonacci level opens the way to head towards the next correctional level at 1.5335.
The price is about to complete a double top pattern, its neckline is located at 1.5445, and this pattern will reinforce the expectations of more bearish correction, while the targets extend to 1.5040.
The exponential moving averages 50 and 100 put negative pressure that supports the negative outlook.
www.fxhighway.com
www.facebook.com/fxhighwaycom/
twitter.com/
plus.google.com/1054...15961677289743/posts