After the validation of the double top formation in January of 2016, this pair has been in a downward channel and has lost 6000 pips since then. Now we are at the critical point because:
1- Price has come off the long term bullish trend line coming from 2010 low strongly
2- The PA since touching trend line is ...
If bulls manage to break the 0.7727 resistance, the long term bearish market will be finished. We see two bullish signs:
- An inverted head and shoulders pattern
- Bullish divergence
By breaking the 0.7727 resistance, the neckline of the H&S pattern, plus the multi-year downtrend line and the latest peak will be ...
Dollar bulls have managed to clear the massive resistance at 100 which had halted bullish surge twice before. Now a 7-point range is broken which gives us a target at 107 for this bullish rally.
Ali Sharifazadeh, CFTe