So this pair has been just going up and going up and going up! And recently, it has even broken through a long standing resistance dating back 7 years ago! So why not think it's gonna keep going some more?
So what to do now? I've been on this pair and even am calling for MUCH MORE upside to come! But wait....is it probable that some kind of retracement is forthcoming before it's continued rise? Yes, and that is what everybody seems to be looking for. So here's 3 patterns that "bear" watching (sorry! couldn't help the pun!).
1. - this one has already been filled and right now, as of this post, prices are testing the whole PRZ of this . Not uncommon since the is an extension pattern.
Oh, and lest I forget, here is the POTENTIAL pattern that may set up soon. It is on a 1HR TF so it is short term BUT if it does complete, that will bring prices back down below the MAJOR SR Structure levels. And on a , leave a nice to boot! Not that a alone is a strong signal and shouldn't be taken as one on it's own, but it does hint at a change in sentiment and shouldn't be ignored.
Year-to-date Profits: +5,794 pips.
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