Double bottom pattern could indicate a reversal from bearish to bullish
Recent break and retest of neckline confirms strong buyside pressure and good entry point for long position
Price target based on previous key levels of structure.
1st target 1:5RR
2nd target 1:11RR
-We saw the historical 30+ year ascending trendline hold up as resistance after a fakeout spike higher, red 786% & 618% bearish fib levels are prominent & also holding
-Price is now breaking a medium term ascending TL & has retested successfully
-Recent Weekly candle close saw a confirmation of bearish pressure
thus I expect a test of green 618%...
As we saw trumps victory caused huge volatility yesterday , however we are still looking for a target zone of around the 1.23000 area possibly even lower. Im still very bullish on this pair as Im expecting a huge rebound to the upside once we are in the 1.23000 zone. but for now small short position. 100 pips or so.