direyesga

According to some weakness of the US economic data and some techincal price actions that suggest a short move. I believe it should at least be a short up until TP 2. On the other hand i will open another short position from TP 2 to TP 3. Stop Loss is set acording to some fibs and a strong resistance level.

Besides having an obvious bearish harmonic pattern, it just stomped into a powerfull resistance type trend line, plus having met another straight resistance level AANNDD hits with long term fib level (which i didnt show for the sake of clarity).

Using this harmonic pattern , i believe it will be bullish for the rest of the day at least. Watch out for any news or fundamental analysis that might interfere with this idea. Take profit and stop loss is chosen by the use of fibonnaci indicator.

Fundamentally also is favoring US economy over MX with the MA levels and resistance levels surpassed it is good to say that it will continue to build its way up

based on harmonic patterns and trend lines (plus MA) UJ will reach 104.200 and then continue its bearish downslide.