There should be an opportunity here for a buy or sell depending on what happens with the price action.
If price closes above the dark blue resistance line, I would expect price to go up to at least around the .97900 area. To take the safest trade, wait for a re-test of the resistance line (which would be support at a re-test).
If price closes below the upward...
A week of decissions stays ahead this week (50th week`16) ...
1.03975 start of extended downside trendline (november`16)
1.00947 end of extended downside trendline (november`16)
This could be an usefully long/short decission helper!
0.99394 1st high this month (december`16)
0.98427 1st low this month (december`16)
0.98439 1st test of this month...
Note: Is is a TURN Setup or Reversal Trade
The trend now turn to BEARISH
There are 2 ways to short this pair
1. If the price break the support zone around 0.979x strongly,
wait for pullback to the support zone and SHORT
2. If the price bounce back from support zone around 0.979x
Wait it touch the 20-EMA and short when a bearish signal appeared...
The overall aspect of this structure looks like a megaphone. We could say, there is a horizontal bottom formation. The formation already touched two minor highs and two minor lows. The volume of the formation, which is almost a "U" shape supports the idea.
1) A premature pullback can happen to the level of 0.618 for a very short-term buy
2) If it breaks the...
HIGHER HIGHS AND HIGHER LOWS FORMING A RISING WEDGE !
PRINCE JUMPED BACK AFTER HITTING THE RESITANCE ZONE AND NOW IAM WAITING TO BREAK THE TREND LINE TO PUT A SELL ODER TP1@0.99700 TP2@0.98000 AND LONG TERM TP3@0.96000
The Price breaks the recent upward trendline.
Bounce back from the resistance zone (1.035x), 2 crows appeared at resistance zone, and a strong bearish pin bar followed with few strong bearish trend bars
A Risk to Reward of 1:3 great trade!
Wait for any Pullback and short :)
this a nice formation of a cup with handle.
after filling the cup Uptrend broke out nicely
now we are about to re-test the previous tip of the cup...and possibly we can re-enter for a long position
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