Weekly: swing started on 22/01/2018 loosing steam. Higher low formed. Last week got rejected forming a bullish hammer off important level that acted as support tested multiple times.
Daily: last 3 days of last week were bullish, going all the way to fib cluster formed of the 50% level from last high and 23.6% from 22/01 swing. That's good momentum but needs to...
Strong resistance level
Upward movement losing momentum, even showingsigns of making a 1st lower high
Elections coming with poles giving tories winners, strengthening the pound against the euro
- Red arrows - Retrace to 38.2 fib level, then range to correlation point between trendline and 38.2 fib level, then drop below 142.35/142.55 support area
- Turquoise arrows - Retrace to 50 fib level, then drop and range to meet correlation point between trendline and 38.2 fib level, then drop below 142.35/142.55 support area
Below the 142.35/142.55...
EURJPY 1hr. Is that a bearish flag I see?
- It's at daily trendline/resistance level
- It's just finished an AB=CD pattern
- It's done a lower low and lower high
All that tempts me to say SHOOOOOOORT...when flag and the 122.22 horizontal resistance get smashed!
The price is moving in an upward channel, it is currently at a level of resistance, where it opened with a gap on sunday night, and is half-way through the last leg of the AB=CD pattern within the channel.
Last leg of first AB=CD pattern. It has to crack the 140.41 resistance, then daily downwards trendline. If it cracks this, it is likely to retest the resistance and/or trendline and redo another series of ABCD waves.
After hitting a high twice around 83.74 in December and January, NZDJPY could go bearish if the 81.85/82.00 area resistance doesn't get broken. 81.85 could also be the top of the second shoulder in a neck and shoulder pattern, confirming that.
Looking at Fibernacci retracements from the high at 81.85, there is a fib cluster around 81.32/81.37 area, and a perfect...