Looking at past patterns and current TA, (upward wedge, H&S formation occuring?) add trade war escalations into the mix, I think we're due a pull back.
TP numbers are just estimates and will vary on your own charts.
TP1 - Likely
TP2 - Less Likely
TP3 - Doubtful
Now that we've broken out of the wedge with some conviction, along with trade tensions weighing heavy and more factors I'm sure are coming in the near future. South just seems the more likely move at this time in to 2020. From there, we'll see.
Play carefully in the Chop Zone marked (Red Box)
Likes & follows are always appreciated
Thanks for reading
There's strong support around the 1.112 area. With a bounce off there in mind, we should see returns of previous recent highs of 1.118, possibly higher throughout the week. FOMC rate cut is an 80% Certainty.
Just a little opportunity for a quick bull position to take advantage of on a downside wedge on the hourly TF.
Look at the previous resistance levels for TP I'm at 76100. Keep an eye on this one as you'll want to get out before it dips again