Following on from my Forex Market Breakdown Volume 5, price seems to be following suit.
We continue to consolidate between hourly support and resistance sitting between 111.756 - 111.980. Previously short term support was broken and retested and price formed a potential short setup from this zone. However, this turned out to be a fake out and since then price...
Formed a large shooting star on the weekly last week, then followed by this weekly closure of an exceedingly large bearish engulfing. Monthly February closure also formed a shooting star, touching the monthly descending trend line, forming our next lower high, but however, we are forming this symmetrical triangle, so we are making higher lows on the monthly. First...
The pair is currently making a new high at 145.040 the last 2 to 3 days, Testing a key weekly level at 144.700. The monthly still has a bullish bias this type of trade we are looking to take as a retracement. As long as the pair remains under 144.25 possibly look for a retest at this level for more entries.
1, The Gartley
2, Rising Wedge
3, Bearish RSI Divergence
Target is based on the bottom bound of the Ascending Channel
On the flip side, price can continue to the top bound of the Ascending Channel and then drop