Price has nearly reached the entry point based upon signals retracing the trend down from May. Current action is attempting to form a rising wedge to offset bullish momentum generated from the up trend from October lows, and more recently bullish action from early December.
I imagine this trade will need to distribute a bit more as weekly momentum has been relatively bullish over the past six weeks. If stops are taken, meaning a significant close above the highs from May 2017, I would then reassess and consider previous levels of significant support generated from the down trend established from the Jan 2016 highs.
Over the longer term I expect new lows below the 1.20 level, if and ONLY IF, May highs are not taken out.
Monthly Perspective:
Weekly Perspective:
I imagine this trade will need to distribute a bit more as weekly momentum has been relatively bullish over the past six weeks. If stops are taken, meaning a significant close above the highs from May 2017, I would then reassess and consider previous levels of significant support generated from the down trend established from the Jan 2016 highs.
Over the longer term I expect new lows below the 1.20 level, if and ONLY IF, May highs are not taken out.
Monthly Perspective:
Weekly Perspective:
Trade closed: target reached:
First short term target reached.
Trade closed: target reached:
Target #2 reached.
Comment:
How many more targets should we wait for?
Trade closed: target reached:
First Swing Target Reached. Good spot for some profits.