Really like this pattern because it happened at a break of all time new highs.
We have had a nice uptrend with higher lows and higher highs. And we can now see that this momentum may now be running out. The swing we are working with is the 9.6050 level. This is the neckline we are using. Once this higher low swing gets taken out, the uptrend by definition is over.
We have possibly made our first lower high here too BUT remember we need lower lows to confirm. So many good confluences here for the trade. The lower high would require a break of the neckline nullifying the uptrend.
Let us await for a nice close and break below the neckline.
To the downside, the 9.48 is one to watch, and then afterwards the 9.3710 zone.
Remember. we do have the US Fed decision on Wednesday, so be prepared.
We have had a nice uptrend with higher lows and higher highs. And we can now see that this momentum may now be running out. The swing we are working with is the 9.6050 level. This is the neckline we are using. Once this higher low swing gets taken out, the uptrend by definition is over.
We have possibly made our first lower high here too BUT remember we need lower lows to confirm. So many good confluences here for the trade. The lower high would require a break of the neckline nullifying the uptrend.
Let us await for a nice close and break below the neckline.
To the downside, the 9.48 is one to watch, and then afterwards the 9.3710 zone.
Remember. we do have the US Fed decision on Wednesday, so be prepared.