After multiple touches of the weekly channel and weekly 61.8% fib I think it may be just a matter of time before this pair starts to head for a new Higher High. Target 1 for now is 187.00 followed by 188.00 and 190.00. Price can pullback at anytime so these are just key levels where I would take profits.
confluence of:
61.8 retrace of last major swing down (A-B)
trendline,
100M; and
plus zone of 1.272 - 1.618 inverse extension of last minor swing down (1-2)
(note the initial bounce right of this 1.272 level)
in addition both stochs and RSI are getting into oversold territories
This setup come from the following indicators.
1. Monthly candle still in uptrend since 2012. and keeping up.
2. Daily candle create double bottom/and following by bullish engulfing. (as indicated by Blue Box)
3. Price action stay above Light-Blue line ( 1/2 line ) on both Gann Fan.
Setup configuration ::
(As point by Purple box)
This number come from an...
