The flag’s height is 452 pips and the breakout is at the 0.70960 level (the blue trendline). If the pair reaches the limit of that flag it should fall towards 0.66270.
The current move to the upside is likely an attempt to test the trendline that was broken through.
At the moment I cannot tell how long will this test last or what level it will reach, but the possibility exists for it to reach 0.72700 – 0.72800, where is the resistance trendline of the downwards trend channel (in red). As for when that could happen – we should not be surprised if the trendline test lasts up until FOMC announces whether it will hike the interest rate in mid-December this year.
Helpful post, thank you.
ReplyDeleteGood tip, thanks.
ReplyDeleteLooks like it will keep pushing lower.
ReplyDeleteGood post.
ReplyDeleteThanks for the tips.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteGreat analysis, thank you for sharing!
ReplyDelete