The pair moved to the upside forming a pattern that resembles a flag and reached the support trend line of the channel for a fifth time.
In my opinion, the question is not whether but when there will be a breakout and the pair will renew its move to the downside.
If that breakout occurs in the next hour or two, its first target should be at 36 pips to the downside from the breakout level.
In the alternate scenario the pair will rise toward the resistance trend line and the breakout will be postponed for an uncertain period of time.
Apart from today being a Monday, today is also a holiday in the USA, which is the reason why the market is so sluggish. So we can do little else but be patient and wait for the breakout.
I fully agree with your analysis.
ReplyDeleteThe move to the upside continues.
ReplyDeleteAgree, the pair remains under selling pressure.
ReplyDeleteExcellent observation!
ReplyDeleteUseful post.
ReplyDeleteGood post!
ReplyDeleteAfter a pull back it declined in fact .
ReplyDeleteGood insight.
ReplyDelete