GBPJPY broke out of a descending trend line last week, exposing the pair to further potential upside movement.
A retest of the trend line may occur before price starts to increase.
On the 4H chart we can see price broke and closed below a short term ascending trend line, opening up possibility for a short term decline in price.
With time, and observation comes understanding.
A day of Elliot Waves and cup and handles led me to believe I could time this right. And wow did I surprise myself.
I have never drawn on a chart, I have never done anything other than observe and trade, I see other peoples charts (Credit to Thomas, AlanMasters and Haejin) and if I don't understand something I...
Breaking the strong area of 1.1250, this gives us confidence as we know who's in control of the market. (Buyers).
1. Price action staying in the daily trendline gives us validation because Price is obviously capitulating to the resistance of the trendline.
2. 1.12504 Temporary resistance breached wait for minor retracement back to major support level/zone
Hi guys this is the first idea I'm sharing here, it seem like this could be a trend continuation, the pound could retrace to the 0.382 fib retracement and bounce back to a new Higher High (mind the news though) at the Fib Extension 1.272
let me know what you think any advise is welcome. Cheers.
Based on our previous long-term analysis (please see links below), our general feeling regarding the EURUSD pair is going short.
But, as we mentioned on the original idea, we would expect the price to retrace and retest the previous structure support that was broken a few days back on the 1.05700's region.
We believe that this falling wedge formation may...
1) Supply & Demand taking place
2) Retest of major and historical resistance
3)Within a a bullish channel which is ready to rally and break out.
Expecting price to rally back to major support/ supply zone of 0.8752
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