this pair as been ranging in quite a nicely defined box and has reach the top-end of it.
on the latest 4hr candle a nice wick has formed and stochs and RSI indicated overbought.
I am shorting this with 3 TPs following fib levels of the last major move up.
my short goes above the one spike that went out of the box a couple of days back.
good luck
EURUSD is in a long term corrective retracement in a abcXabc pattern. The last c wave is an impulsive one and could extend to the 1.11-1.12 price level. This the result of the last AB fibonacci extension with the 100% key level (A=C). It is interesting to note that if price achieved 1.11 by june 2015 we would get an AB-CD harmonic pattern which is a reversal figure.
As we can see on the graph above, GBP/USD has been sliding without any major correction. Also looking at the RSI, we can see very clear that this big move has been in one way street. However, buy looking first at the RSI, I added a trend line at 2010 low and 2013 low put a extension to see where it will end and we are touching that line right now (red line).
Now...
