This pair has been making a bee line to the top side. However, at this moment it looks like there are a lot of significant levels and patterns forming on the pair. Starting with the most basic form of technical analysis first, the 2015 high (and the highest point since 2009) is sitting at 1.2833. Be ready for this area to provide definite resistance. If we break above this level, that signals a definite bullish movement. In which case I would want to exit as fast as possible. We also have an ABCD Pattern (red) that ended near 1.27362. Finally, we have a bearish Gartley that had the bottom of the PRZ at 1.2628. We are significantly past this initial entry point BUT if you trade harmonic patterns, you know to put your stops above the x point (highest point) in the pattern. This would make this pattern valid still. Additional resistance is shown in Fibonacci ratios that coincide exactly with the 1.2830. The 1.414 ratio of the AB leg and 1.618 ratio of the BC leg both conclude at the 2015 High.
Good Luck!
As always please post your comments or ideas below. If you have a different perspective, please post it. I'd love to see it. :)
Comments
TradersClassroom
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Super weak price action. Don't know if we're going to get the movement we need.
TradersClassroom
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Too weak for me. I'm out heading into the weekend.
EverythingForex
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Totally agree with your analysis. I think that eventually, we will see prices break above. BUT not right now (I hope since I'm already short in this market!). Here's my analysis. See if you agree. P.S. BTW, love your avatar. The Hulk had always been one of my fav comics growing up!