1) Price might form a double top right at major resistance level. This give us an opportunity to go short, but we have to be careful about our targets, as there is a support level around 1.7002
2) If price reaches lower levels, there is also a Shark pattern that would be complete at around 1.69625 with fibs confluence between the 88.6 retracement (last major swing up) and the 1.618 inversion (BC leg).
Let's hope for the best and good luck to everyone!!
I am looking for a break below 88.772 and then go short. We are still in a uptrend based on 4 hour charts. In the meantime look for a bullish bounce off 88.772.
Daniel.Dalo
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Thanks! As you say, the higher timeframe's trend is bullish, so it would be nice to catch it in a long trade. I will keep an eye on this pair.
Good luck to you as well
imaxcare
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i like ur chart....best ....but what ur position ...r u in trade
Daniel.Dalo
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Thank you very much! I'm not in right now, but I will wait for price to retest the resistance level to form a double top and go short from there. If it goes down and doesn't retest the resistance, I would see the reaction on the support level (maybe a RSI oversold) because the bigger picture bias is bullish, so it would be a nice trade also.
If it breaks to the downside, I will enter on the completion of the Shark pattern.
But I will wait until Monday to see the reaction of price on these levels and get in on a high probability trade, because right now, as the underlying trend is bullish, I don't know if price is going to respect the resistance level.