Price is still heading towards the topside of the long term descending channel. On the 11/01 we saw price break out of the daily bullish channel and has retested, currently price is ranging within a sideways wedge and is about to break, I‘m favoring a break to the upside however I will wait for a break o/s this wedge.
Price keeps on respecting the current bullish channel, we have seen a closure above the 1.33070 resistance which last happened in September, we are now seeing a retest meaning that resistance could now turn into support so if the current 4H candle closes above it I will enter long targeting the resistance trendline around 1.34000s.
As predicted price broke out of the wedge to the upside and if we look at the long term pattern, we can see that price is heading to the resistance trendline of the monthly channel. Currently I am looking for a break above current resistance where I will enter a long term trade to the resistance trendline.
After breaking the weekly resistance trendline price found resistance at around 114.000, retested the weekly resistance and looks to be back on its way up. From the 1H view we can see that the bearish trendline and previous short term support (in blue) has also been broken, triggering a long position for me. I could have waited for another retest but we will see ...
Price is trading within a long-term wedge and should be on its way to the bottom side. Currently in a downtrend, is retraced upwards to the 50% fib level of the latest drop and looks to be resuming its bearish movement. After the close below the box, I waited for a retest of the 1.46446 support level.