The pair reached an important resistance level and in the end of the American session it stopped right at the 114.823 level.
After a drop during the Asian session that lasted for about 95 pips, today the pair started moving to the upside when the London session opened and almost reached yesterday’s high. For the moment the it has reached a high of 114.720.
Considering the incredibly powerful rally of this pair – 1373 pips with almost no correction – the possibility that there will be a correction from this key level is increasing.
It is a good idea to wait and see how the 4H bar will close – a pair of spinning top bars at the top will be another signal that the pair will start falling.
On the 15M time frame there is a flag, which also supports the idea of a corrective move to the downside.
Good insight.
ReplyDeleteGood post!
ReplyDeleteUseful information, thank you!
ReplyDeleteI fully agree with your assessment.
ReplyDeleteThank you for the accurate analysis.
ReplyDeleteInformative article, thank you.
ReplyDeleteBearish gap has recovered.
ReplyDeleteVery good projections.
ReplyDelete