Pivot : 115.50 Preference : short positions below 115.50 with targets at 109.75 & 107.40 in extension. Alternative scenario: above 115.50 look for further upside with 118.50 & 121.75 as targets. Comment: the RSI is bearish and calls for further downside. Supports and resistances: 121.75 ** 118.50 *** 115.50 *** 112.50 Last 109.75 ** 107.40 *** 105.50 ***
Pivot : 50.75 Preference : short positions below 50.75 with targets at 47.05 & 45.10 in extension. Alternative scenario: above 50.75 look for further upside with 52.65 & 55.00 as targets. Comment: the RSI has broken down its 30 level. Supports and resistances: 55.00 * 52.65 ** 50.75 *** 48.11 Last 47.05 *** 45.10 ** 42.00 **
3/21 Update: Price bounced off support at 139 and is now higher than the previous 4h pivot high and almost breakout out of the descending triangle. A break above 140.50 signals a buy opportunity with stops below 140 and 139.00; Alternatively, a break below 138.90 issues a very big sell signal. Traders will view the lack of momentum higher as very bearish.
There are some amazing setups forming on the charts, here we have EUR/USD on the 4h chart with an inverted head and shoulders pattern. The right shoulder formed at the 0.618 retracement which is excellent as the pattern as a whole generally holds a better structure in this situation. The neckline is bang on a key resistance level, closing above this would ...