On the H4 time frame there is a pin bar that is a signal for a rally, especially if the pair breaks out above the resistance trend line again and remains above it – then we could expect an acceleration of the move to the upside and a rally to 113.00, which would certainly mean that the nine month-long correction is over.
The weekly bar, which will soon close, also supports this scenario as it also signals for an impending rally.
In the alternate scenario there will be a drop and a test of the support trend line around or a little below 108.00.
Interesting post, good levels to watch out for.
ReplyDeleteGood insight.
ReplyDeleteIt's quite bullish for now.
ReplyDeleteInteresting levels to be watchful of!
ReplyDeleteGreat post! I fully agree with your view.
ReplyDeleteGood point, I'll keep an eye on it.
ReplyDeleteBig gap down.
ReplyDelete