It looks like the Bullish Pennant failed and it has broken down to the downside and my target is the length of the pole to 119.51.
It looks like a bullish pennant to me and if so the target is 122.47 the length of the pole.
With the US Advance GDP due at 12:30 GMT the pair is currently trading within a bearish pennant. The RSI has also turned and broken down already below its lower ascending channel and is testing the 50 neutral point. Like I said in my previous post a Bearish Pennant is a continuation pattern so the bias is bearish and I expect a break out to the downside and...
Post FOMC Statement the pair has created a double top and dropped steeply down into a bearish pennant. This is a continuation pattern so the bias is bearish and I expect a break out to the downside and target the length of the pole to the low of the candle that was created when the FOCM statement was released (120.02).
The pair has broken upwards out of a triangle and are now trading within an ascending channel so the bias is upwards ahead of the FOMC statement at 19:00 GMT. Obviously this could all change after the rate decision so be cautious.
Keep an eye on where the RSI breaks out of the triangle it is currently in. The price is also trading within a triangle as well. Both will likely remain within the triangles until the FOMC statement at 19:00 GMT.
This could put the pair under pressure to move back to 12025.
Currently continuing the decline from the Asian session into the European session ahead of US Core Durable Goods Orders at 1:30 pm GMT. Expect the pair to range between 12030 to 12048(Asian session low last night). Traders will likely not find any direction until the 1:30pm data release or the 3:00pm GMT CB Consumer Confidence data. Tonights 12:50 am GMT...
Short below 120 70 with 120 48 -120 20 target. Long only if can recover to above 12086. 14:10 GMT - We can observe that the decline since the asian session has continued into the start of the US session because during the European session the pair has failed to move above the physiological level of 12100.
Will continue decline from the asian session into the european and us session, moving down to 12077 to 12065.