A consolidation pattern , pennet has formed. The bet is for a continuation to go up or a reversal to go down. It looks like a top of the H4 upwave. Hence a bet of reversal could be the scenario to play out. A counter trend short idea is developed with a potential less than 45pips.
The last trend line (blue) has been broken and the push to break the last high was rejected as well as some consolidation can be seen.
My imagination: This lead me to think that the last high could be the first lower high. But do note the a lower low has not been formed and hence a down trendline cannot be established. A short view is based on...
Price has already closed above the resistance level at 1.1186. Ceiling becomes floor support. Should be looking at long for the next 14days or so to the next resistance level at 1.14000
Price ranging between 1.1160 and 1.1190. 15 min chart shows short term strength to go up. News coming in 4 mins time. Watch and see what happens when news comes.
