OBSERVATION: After completing a double bottom formation the trend reversed into a bullish trend. 1,13315 was the first resistance zone where it retraced to the 61.8 fib zone the back up to break it on the 21/06, this zone i being retested and is looking to be new support. We are seeing ranging between 1.13476 and1.13940.
STOCHASTIC: Indicator is severely overbought as well as the RSI & other oscillator indicators.
SCHIFF PITCHFORK: Median line has been well respected in the past and price is struggling to cross this large resistance area.
VOLUME: Breakout of the 8200~8400 level was not followed through with volume indicating the lack of buyers in the market. Volume over the last...
I see a falling wedge with the opportunity for profit from a short position with SL: 1.12717 and TP: 1.11000
Use risk management as if it breaks upper trend line one may want to start thinking about closing the position.
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