Possible ending structure... Stochastics currently overbought and pointing down so we might get another push down to oversold condition at a possible area of support. If confirmed by momentum we might get a decent long out of it... Look for lower TF setups somewhere in the 1.0950 region or wait for breakout of the structure, as per one's preference...
Drop paused for now, possible bullish PA if we look at momentum oversold condition... If we continue down then the 1210 level is a good level to take profit on shorts and think of switching back to longs...
Based on the weekly chart we have support coming up around the 16.00 level, 1.618 ext. is 16.671 and 0.618 ret. is 16.478, in that area we have confluence of the MA(100) coming in at a possible technical support area... The monthly chart shows that the MA(200) comes in around 15.00, so we should keep this in mind also, this coincides with the 0.786-0.886 ret....
We haven't broken above the weekly MA(100) yet... (watch the trendline drawn over the tops on this chart) but if we do I want to know where the bullish targets are... That's what this study is about! Targets on chart are mostly based on possible developing wave structures and fib projections, keeping an eye also on possible harmonic patterns...
I was watching when it dropped... I tried to long when it reached 1.2000 but broker wouldn't let me... I sincerely hope nobody lost their account on this, wouldn't be surprised though, especially the scalpers trading without stops, I think many are probably in trouble now... This is a good chance though to possibly get a nice longterm trade started, I'm thinking...
May be going down again soon... Possible resistance from MA, trendline and the former swing high... I don't think it's ready for higher highs yet so we might see some ranging between 1.20 and 1.25 with minor support now at 1.2225 roughly...
Long now, 2 more to add for longer term long... Each one can possible be traded also on the shorter term if confirmed on lower TF's...
We reached the 0.786 retracement of the last big move down... A re-test of the high around 0.9200 would be great to get a short entry, not sure if we'll get it though... We'll see, switching to lower TF's...
We tested the 0.886 retracement of the very large up move as seen on the weekly/monthly charts... We also tested the 125.00 round level... This may have been the last push down, I think it will go up now... Trying to get a good entry is the hard part, probably best to wait for some clear corrective pattern before going long...
This might be the end of the down move...
Short from almost the top @ 0.8844... 2 possible zones of support coming up (at the first one...), if we break them we might complete the shark pattern...
One short from the top based on longer term analysis. We broke down the up channel and it seems that we have a flag pattern emerging so we might get another wave down if we break below the corrective pattern... So I am now on this breakout trade..., keeping the harmonic pattern in mind for reference if we continue back up...
Possible bat (zoom out) and wedge in play... Buy limit triggered yesterday @ 76.30, almost 100 pips up now, we'll see where it goes from here... Target around 85, SL below 75.
Possible new long opportunity based on the daily chart. Targets are 1.5000 (trendline) and 1.5500 in extension (possible bat pattern)...
We broke the "up" trendline so for now it's down..., my primary down target lies around 1210-1200, this might be a good level to start going long again...
Down for now since we broke the uptrend... See weekly idea linked below, main target based on that lies around 1210-1200. Switched to the daily here to see if there are other levels to watch! See blue circles on chart, these levels can be used to either take profit on shorts or enter new longs (my preference and longterm bias is still long...).
I had a different wave count before but adjusted it since it's still going strong and we are now above the previous high... Thus: still looking for the end of wave 5... RSI getting oversold again and we are close to the trendline connecting the last tops... Either we bounce there and retrace or reverse or we break above it... For my longterm trading I will...