UJ looks to be topping, both via Fibs and via price action. Dollar has been weak against other currencies already, There are some US econ reports coming out this hour.
IF risk sentiment goes sour, THEN this would be a perfect top. Even if the news is non-comittal, this cross looks overbought. If we break about $109 round, be wary of a "Blow Off Top".
$ 108.51-108.57 is support which if holds invalidates shorts. $ 107.82-107.85 is likely target if profit taking comes in. $ 106.74-106.78 would be the Ideal Long if we go there.
See some of my other Forex calls below. I also plot Crypto and some Stocks, check my Profile Page.
(massive profit, no drawdown) (in time, to the Pip) (perfect top, huge profits) (the very tip-top a year ago) (perfect entry, huge profits) (just in time, quick 70 pips) (Upthrust warning just in time) (recent perfect entries) (perfect short a year ago) (exact top pegged) (caught most of the spike) (perfect entry, huge profits) (recent perfect entries) (Perfect entry, still in play) (Prefect entry, almost done) (Fib extensions at work)
Of course, I have had total FAILS on some plots also, not going to pretend. But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
Comment
⋅
So it seems $108.9 was indeed "supposed" to be the top. It got run up a little higher at first for a probe to test stop losses. Then the FOMC news was the excuse needed to run numerous stops above, before bringing it down.
Zooming in a bit and adding a "Pulse" fib in blue (Pulse as in minimum increment of movement) we see why it paused here We should have a pretty good drop over the next couple weeks or so, will measure and post targets asap.