The pair completed a perfect AB=CD at 122 on weekly timeframe and
has been struggling to break that level. The target of this pattern
stands around 111 (Minimum target , i.e 3/8 fib of CD leg).
On the Daily chart price has made a second bearish Kijun break
in a week, closing below the Monthly PP after retesting the
broken trendline from below. Next level to the downside and
the real test of bearish pressure, is the Monthly S1 at 116,35
close to the mid dec 2014 swing low. A sharp drop may expose
the Yearly PP which aligns with the lower kumo cloud support,
113,50-114 zone. Below that stands, as mentioned the
ABCD target at 111, not far from the oct 2014 high. On the
upside, 120,60 is the pivot that, from a bearish perspective,
should hold resistance, if more downside action is to be
expected. A very natural scenario, would be to see a test of
the yearly pp, before a move to the Yearly R1 around 127,50.
has been struggling to break that level. The target of this pattern
stands around 111 (Minimum target , i.e 3/8 fib of CD leg).
On the Daily chart price has made a second bearish Kijun break
in a week, closing below the Monthly PP after retesting the
broken trendline from below. Next level to the downside and
the real test of bearish pressure, is the Monthly S1 at 116,35
close to the mid dec 2014 swing low. A sharp drop may expose
the Yearly PP which aligns with the lower kumo cloud support,
113,50-114 zone. Below that stands, as mentioned the
ABCD target at 111, not far from the oct 2014 high. On the
upside, 120,60 is the pivot that, from a bearish perspective,
should hold resistance, if more downside action is to be
expected. A very natural scenario, would be to see a test of
the yearly pp, before a move to the Yearly R1 around 127,50.