IMHO, ABCD pattern has formed.
The reasons why I'm bearish on this pair
1- BC drive is the 61.8 of AB drive and CD pattern is almost 1.272 extension of BC move ( it might continue moving up to touch the 1.272)
2- Stochastic is in overbought conditions
3- reached top of ascending channel in weekly chart
4- close to major psychological level which is 1.05000
I will wait for more confirmations before entering though.
Good-luck everyone.
The reasons why I'm bearish on this pair
1- BC drive is the 61.8 of AB drive and CD pattern is almost 1.272 extension of BC move ( it might continue moving up to touch the 1.272)
2- Stochastic is in overbought conditions
3- reached top of ascending channel in weekly chart
4- close to major psychological level which is 1.05000
I will wait for more confirmations before entering though.
Good-luck everyone.