Yesterday i posted an analysis on this instrument with a potential Head & Shoulder classical chart pattern to fill the gap. Last night it filled the gap and now there is a possibility that price might decline towards 1.27250 - 1.2750 area considering DXY still have an upward movement to complete its cycle before making a price decline.
The pair completed a 3 waves pullback after making 5 waves down from peak of 28th Aug. Also visible in the chart is a Bearish Cypher harmonic pattern. Identified a potential Head & Shoulder forming.
There is a possibilities that the pair will fill the Monday gap to make as Right Shoulder and drop.
Almost at the bottom trendline to go for Long.
A potential Bullish Bat to complete the A wave corrective move from 1.1730 high. A 3 waves correction is expected towards 1.1650 before making leg lower towards 1.1500.
Potential Head & Shoulder pattern if price stops at 129 and moving back upward towards B.
In my previous on Expanding Flat Correction, price now are on wave C and it has to contain 5 waves which A and B would consist of 3 waves. Now we can see we have completed subwave 5 of 1 and heading down for 3 waves correction before resuming upward movement as it is still an incomplete sequence.
This pair is making an ABC expending flat. Price still to be completed around the completion of Bearish Butterfly at an area of 1.2000.
Price is making a pullback n the 4hr and daily chart. A potential harmonic pattern Alt Bat to be completed around the area of 1.1500 to take this pair further upside to complete C of the expanding flat in my next post.
Possibilities of harmonic patterns based on my previous ABC correction post.
Making ABC Correction here after completed 5 waves decline from February peak.
On my previous post on this pair, i've highlighted a possible Bearish Butterfly while making this ABC correction. Here i present to you another trade idea which confluence with my previous trade setup. A Bear Flag is in the making and is continuation in price pattern.
Price broke down the rising trendline on the daily from June 2018 low. Price is now making a pullback and also to retest the broken trendline.
We might have a possible H&S. Price might bounce from daily pivot to do a small 3 waves bounce towards Right Shoulder before making decline towards 138.xx. Whoever missed the first chance to short this pair, may do so at this second chance.