If we can not break below the trend line then we shall look for bullish formation and pattern to complete the right wing of the Cypher.
Our next target will be around 1.8733.
This pattern is only valid if and only the trend was not violated.
It is more likely for the pair to rally and visit 3700.00 if the the strong support at 3662.8 remains unbroken.
If successfully broken with no fail breakout then our next target would the trend line which started in April 2016.
the correction phase is at its last stage. and then we may have another impulse bullish move if the triangle is broken successfully from upside.
- Weekly chart
( Bullish uptrend ) bullish weekly bar.
- MACD Histogram
the histogram is printing a lower bar then the previous one below the zero level.
there is a double bottom in the histogram
- Elder impulse system...
If we can get a PB to PREVIOUS support preferably at 1302 area. This will be the first leg of the second ABC. then we shall be looking for bullish formation and pattern to go long to our next resistance where the C leg will be completed.
I am bearish on this pair until it breaks the daily downtrend line which was tested last week during NFP time however the price was rejected sharply to the down side not leaving the channel , giving a good confirmation to sell short but I have to wait till Monday for more confirmations.
The daily price action gave us a pin bar which if confirmed on Monday by...